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Business Wisdom Blog

As businesses assess their financial future amid this current crisis, they should consider taking advantage of local, state and federal aid programs. However, it’s critical to take a close look at existing lending relationships and agreements first.  While the federal government is requesting banks be creative in order to help their clients during this unprecedented time, businesses should consider their existing contractual agreements and covenants.  Many loan agreements have restrictions against taking on additional debt or encumbering collateral without the existing lender’s authorization...

Published in COVID-19
Thursday, 02 April 2020

Paycheck Protection Program

Written by Small Business Association (SBA)

A forgivable loan administered through the Small Business Administration (SBA) for up to $10 million available to any business with under 500 employees. The SBA refers this program as SBA 7(a) Loans. This includes sole-proprietors, independent contractors and eligible self-employed individuals in operation as of February 15th, 2020. While other loans initiated by the CARES act can be obtained directly through the SBA, the Paycheck Protection Program loan is obtained through application with your local SBA lender...

Published in COVID-19

Legal experts are warning companies to beef up their cybersecurity defenses as COVID-19 presents new opportunities for fraudulent email, increased phishing and other risks related to the rise of employees working from home.   The law firm Debevoise published a checklist for firms to consider when preparing for possible disruptions and remote working due to COVID-19. In a NYU Law School blog published this week, the firm list the following cybersecurity considerations:   Phishing — Look out for coronavirus phishing scams. We have already seen fake CDC updates, IT alerts and software notices that attempt to obtain user credentials or install malware, so consider implementing coronavirus-specific phishing training or testing...

Published in COVID-19, Cybersecurity
Tuesday, 31 March 2020

Business Interruption Insurance during a Pandemic

Written by The Rehmann Team

If your business was forced to shut down, or has been drastically altered in how it conducts business following state mandates and stay-at-home orders, you might be wondering about business interruption insurance and whether the COVID-19 outbreak triggers this type of coverage for your operations. The answer isn’t simple, unfortunately. First, a little background: business interruption insurance helps replace lost income and pay for extra expenses when a business is affected by a covered peril. Business interruption coverage, which sometimes is called business income coverage, may be part of a business owners insurance policy...

Published in COVID-19
Tuesday, 31 March 2020

Tech Tips to Stay Safe During COVID-19 Crisis

Written by The Rehmann Team

Even as the coronavirus (COVID-19) outbreak affects us in unprecedented ways, scams persist. For instance, hackers are now resorting to emails and apps claiming to provide information on the COVID-19 outbreak to fool victims into installing malware on their devices. Unfortunately, phishing emails have spiked by over 600% since the end of February, and in March, 10X Genomics was hit with a ransomware attempt.  Unfortunately, cyberattacks can happen to any organization at any time...

Published in COVID-19
Thursday, 26 March 2020

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Written by The Rehmann Team

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security Act. The act contains provisions to help America’s employers, employees and healthcare system among other items. [Recorded Audiocast] CARES Act [Recorded Q&A] Families First Coronavirus Response Act   The bill provides stimulus funding and emergency assistance to both individuals and businesses that have been impacted by the virus. The new aid package comes the week after President Trump signed the Families First Coronavirus Response Act, which includes mandatory provisions for certain employers to provide paid sick leave and emergency family medical leave to eligible employees...

Published in COVID-19, Tax
Wednesday, 25 March 2020

Whether selling or buying, due diligence matters

Written by Donald Burke, CPA, CGMA, and Christopher Rosmarin, CPA

Mergers and acquisitions (M&A) have been on fire over the last five years or so. Encouragingly, there is more in the tank. Investors have trillions in cash sitting idle, making the outlook for 2020 strong. And contrary to what you may think, an economic downturn could bring more M&A activity, not less...

Published in Business Consulting

FASB Issues Statement on Prudential Regulator Guidance Concerning Troubled Debt Restructurings. On Sunday, March 22, 2020, the FASB has issued the following relating to a statement by Federal and state prudential regulators banking regulators:  “Earlier today, the Federal and state prudential banking regulators issued a joint statement that included guidance on their approach to the accounting for loan modifications in light of the economic impact of the coronavirus pandemic. This guidance was developed in consultation with the staff of the FASB who concur with this approach and stand ready to assist stakeholders with any questions they may have during this time.”  The agencies involved include Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators...

Published in COVID-19
Tuesday, 24 March 2020

Disaster Funding Available for Virus-Stricken Businesses

Written by The Rehmann Team

The COVID-19 virus is closing businesses, canceling events and changing daily life across the world. Undoubtedly, the obvious and important health implications must take priority. However, it is important to recognize the substantial economic suffering and work to mend both health and wealth. Many businesses, albeit vendors, restaurants, large corporations, small and family-owned businesses, are relying on the steady stream of customers...

Published in COVID-19

On March 18, President Trump signed the Families First Coronavirus Response Act (H.R. 6201), passed by the Senate earlier that day. This follows the announcement of a global pandemic involving COVID-19 on March 11 by the World Health Organization and the proclamation by President Trump that the COVID-19 outbreak in the United States constitutes a national emergency...

Published in COVID-19
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