General News

Federal Reserve

The Main Street Lending Program is Now Available For Non-Profits
The Main Street Lending Program is Now Available For Non-Profits 400 400 SAX - Advisory, Audit and Accounting

The Federal Reserve has recently announced that the Main Street Lending Program is now available for non-profit organizations seeking COVID-19 relief. On July 17, 2020, final terms were released for…

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Healthcare

Dentists Have Until July 24 to Apply for the Provider Relief Fund
Dentists Have Until July 24 to Apply for the Provider Relief Fund 400 400 SAX - Advisory, Audit and Accounting

The U.S. Department of Health and Human Services (HHS) recently announced it will now allow dentists and other dental providers to apply for relief from the Public Health and Social…

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PPP

Paycheck Protection Program (PPP) Gets a 5-week Application Extension
Paycheck Protection Program (PPP) Gets a 5-week Application Extension 600 600 SAX - Advisory, Audit and Accounting

On July 4, 2020, a five-week extension of the Paycheck Protection Program (PPP) was officially passed, extending the application deadline to August 8 (previously set to close on June 30). …

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New SBA Guidance

PPP Loan Forgiveness Update: SBA Issues New Interim Final Rule to Provide Additional Guidance Surrounding Loan Forgiveness
PPP Loan Forgiveness Update: SBA Issues New Interim Final Rule to Provide Additional Guidance Surrounding Loan Forgiveness 400 400 SAX - Advisory, Audit and Accounting

On June 22, 2020, the Small Business Administration (SBA) issued its latest Interim Final Rule, providing borrowers and lenders with additional guidance surrounding the Paycheck Protection Program (PPP) loan forgiveness…

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Main Street Landing Program

Main Street Lending Program is Now Live
Main Street Lending Program is Now Live 400 400 SAX - Advisory, Audit and Accounting

On Monday, June 15, the Federal Reserve officially launched the Main Street Lending Program, a series of loan facilities aimed at supporting small to medium sized businesses combating the coronavirus…

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PPP Flexibility Act

PPP Loan Forgiveness Update: Passage of PPP Flexibility Act Provides Borrower Options
PPP Loan Forgiveness Update: Passage of PPP Flexibility Act Provides Borrower Options 400 400 SAX - Advisory, Audit and Accounting

The swift passage of the Paycheck Protection Program Flexibility Act (PPP Flexibility Act) of 2020 has brought welcome relief to borrowers who may be nearing the end of the 8-week…

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New SBA Guidance

New PPP Update: SBA Releases Guidance on Loan Forgiveness Application Interpretations
New PPP Update: SBA Releases Guidance on Loan Forgiveness Application Interpretations 400 400 SAX - Advisory, Audit and Accounting

The Small Business Administration (SBA) issued two Interim Final Rules on Friday, May 22, 2020.

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Revenue Recognition and Leases Standards Expected to be Delayed by FASB
Revenue Recognition and Leases Standards Expected to be Delayed by FASB 150 150 SAX - Advisory, Audit and Accounting

The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20th, to delay the effective date of the revenue recognition and leases standards for certain entities.  An Accounting Standards Update…

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Tax Alerts

Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act
Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act 400 400 SAX - Advisory, Audit and Accounting

On May 15, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act providing over $3 trillion to federal agencies, state and local governments, small…

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New SBA Guidance

New SBA PPP Guidance: Employee Headcount Rules Relaxed for Certain Loan Applicants
New SBA PPP Guidance: Employee Headcount Rules Relaxed for Certain Loan Applicants 400 400 SAX - Advisory, Audit and Accounting

On May 18, 2020, the Small Business Administration (SBA) issued an additional Interim Final Rule surrounding certain circumstances in which aggregated affiliated borrower employee headcount exceeds 500. Provided the PPP…

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