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

Paycheck Protection Program (PPP) Gets a 5-week Application Extension

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).  The extension allows companies more time to apply for federal assistance for COVID-19 relief. Approximately $130 billion in PPP funding remains in the program, after…

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

PPP Loan Forgiveness Update: SBA Issues New Interim Final Rule to Provide Additional Guidance Surrounding Loan Forgiveness

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 process.  While questions and open items remain, we have been provided with clarity on the items listed below:   Timeline for Application for Loan Forgiveness…

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Watch the June CFO Focus – Technology Transformation: Creating Successful Change 150 150 SAX - Advisory, Audit and Accounting

Watch the June CFO Focus – Technology Transformation: Creating Successful Change

In case you missed June’s CFO Focus, here is a recording of the webinar and presentation slide deck.  This informative conversation featured guest speaker Carl Van Dusen, President of Sax’s Technology Division, S2 Technology Solutions, and addressed cutting edge trends to strategically scale business operations with the proper technology investment. As technology advances at rates…

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

Main Street Lending Program is Now Live

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 pandemic. Interested and eligible borrowers are encouraged to contact their lending institutions for additional guidance, including the application requirements. Officially announced by the Federal Reserve…

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

PPP Loan Forgiveness Update: Passage of PPP Flexibility Act Provides Borrower Options

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 Covered Period to expend the funds.  While Congress has indicated that there is still work to be done on the Paycheck Protection Program (PPP), borrowers…

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SAX CFO Focus
Watch the CFO Focus: What to Expect When You’re Expecting to Re-open Post Pandemic 400 400 SAX - Advisory, Audit and Accounting

Watch the CFO Focus: What to Expect When You’re Expecting to Re-open Post Pandemic

Our day-to-day business models have been drastically disrupted from COVID-19, and as a result, our workplaces may not look the same for quite some time.  As businesses begin to plan to re-enter their workplaces, there are many important factors to consider from a safety and legal standpoint. Through Sax’s CFO Focus seminar series, we strive…

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

New PPP Update: SBA Releases Guidance on Loan Forgiveness Application Interpretations

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 150 150 SAX - Advisory, Audit and Accounting

Revenue Recognition and Leases Standards Expected to be Delayed by FASB

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 is being drafted and will be approved at a later date. Here are the main updates to the standards’ effective dates: The revenue recognition standard…

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