The Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan funds to small businesses in order to help them pay eligible expenses (payroll costs, mortgage interest, rent, and utilities). Â These covered loans are to be fully forgiven and not to be treated as income to the loan
Nonprofits have a multitude of compliance standards to juggle, and constructing a comprehensive nonprofit purchasing policy is no exception. Maintaining tax-exempt status requires adherence to very specific behaviors, and written policy should be reviewed periodically to ensure your organization meets or exceeds standards. Under the new procurement standards, all NPOs receiving federal awards must have
Since the PATH Act in 2015, no major federal legislation has come about to address massive shortages in affordable housing across the U.S. While the House and Senate introduced many bills   since then, legislation seems to die in committee or across the aisle. Much more legislation is enacted at the state level, but we know
An article last fall in the New York Times demonstrated what billions can and can’t do to bring about more affordable housing in a large metropolitan area. It can’t, for example, convince community groups to allow development in their neighborhoods or local government leaders to support it. Money alone also can’t ensure that a deal
As a result of COVID-19 and the disruption it is causing, FASB has issued an Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (ASC 606) and Leases (ASC 842) Effective Dates for Certain Entities regarding deferral of effective dates for Revenue from Contracts with Customers and Leases. Â Revenue from Contracts with Customers
One of the challenges many not-for-profit organizations face is determining whether or not revenue falls under the category of a contribution or exchange transaction. In some cases, it’s a pretty straight forward determination, but the waters can occasionally become a bit murky. In June 2018, the Financial Accounting Standards Board (the FASB) issued the Accounting
The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. Â The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ. Â The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. Form 3508EZ This new
One of the challenges many not-for-profit organizations face is determining whether or not revenue falls under the category of a contribution or exchange transaction. In some cases, it’s a pretty straightforward determination, but the waters can occasionally become a bit murky. In June 2018, the Financial Accounting Standards Board (FASB) issued the Accounting Standards Update
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