Archive for May 2020
Home Office Deduction During COVID-19
Historically, the home office deduction has been available to anyone who has had to work from home because their place of employment did not provide an office space. With the Tax Reform Act, effective 2018, the deduction for employees was eliminated. However, the deduction for sole proprietors and partners continues to be available. In response…
Read MoreSBA Releases Forgiveness Application Resulting in BIG Changes to PPP
On May 15, 2020, the Small Business Administration (SBA), in consultation with the Treasury, issued a press release announcing the release of the Paycheck Protection Program (PPP) Loan Forgiveness Application. The application includes significant changes to the tracking and calculation of loan forgiveness that drastically reduce the administrative burden for borrowers while allowing the ability to increase qualifying…
Read MoreDefer and Reallocate Your Mortgage Payments
One of the most common COVID-19 debt service strategies we’ve seen is the deferral of mortgage payments over the next 90 days, with reallocation over the next 12-month period. You should discuss this with your lender immediately. Watch the video to learn more.
Read MoreAprio’s FAQ on the Main Street Lending Program
Aprio’s FAQ on the Main Street Lending Program from the webinar Unpacking the New Main Street Lending Program Loans and Expanded Eligibility Requirements. May 29, 2020 If we received a PPP loan, why would we consider this Main Street Loan? The Main Street Loan is an additional source of capital to help businesses fund ongoing…
Read MoreAdditional $20 Billion from HHS for Medicare Providers: Are you Eligible for Round 2?
Background The CARES Act appropriated $100 billion to the Department of Health and Human Services (HHS) to distribute to healthcare providers during the COVID-19 pandemic (read our guidance here). In April, HHS allocated an initial $30 billion of this funding to providers who received Medicare fee-for-service reimbursements in 2019 based on each provider’s share reported.…
Read MoreConvert Your Loan to Interest Only to Manage Cash Flow
One strategy for managing cash flow and servicing debt during this pandemic is to speak with your lender about converting your payments to interest only. Watch the video to learn more.
Read MoreOpportunity for Partnerships to Increase their PPP Loan
On May 13, 2020, the SBA released an Interim Final Rule on Loan Increases relating specifically to compensation of partners in a partnership. Prior to clarification provided by the SBA on April 14, 2020 (Guidance on SBA Loans for Self-Employed) and on April 24, 2020 (Calculating Max Loan Amounts), it was expected that compensation to…
Read MoreRequirements for Good Faith Certification Concerning Necessity of PPP Loan
On May 13, 2020, the Treasury released FAQ 46 regarding the SBA’s review of borrowers’ required good-faith certification concerning the necessity of the loan request. The Treasury’s FAQ addresses both borrowers whose loan is less than $2 million and those whose loan is greater than $2 million. Loans Less than $2 million The Treasury stated, “Any borrower that,…
Read MoreAlign Mortgage Payments to Rent Collection
The impact of COVID-19 has set the expectations that rent collections will temporarily decline. Should your mortgage payment decline too? Have a discussion with your lender to see if they will share that risk with you. Watch the video to learn more.
Read MoreWebinar: Business Interruption Insurance
Our expert panelists will help guide your decision-making pertaining to business interruption insurance policies for your practice, including: What is business interruption policy? How does it factor in to the current COVID-19 crisis? What sort of opportunities might exist for practice owners? What are the necessary steps to take and items to consider when…
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