COVID-19

Saturday, 25 April 2020

What to Know About HHS Payment Eligibility, Distributions and Special Conditions

Written by Don McAnelly, CPA/ABV, CGMA

The U.S. Department of Health and Human Services (HHS) continues to release $100 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response. These funds are part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)...

Published in COVID-19
Monday, 27 April 2020

SBA Loan Program Now Available to Growers

Written by The Rehmann Team

Updated on April 24, 2020 While growers initially were unable to benefit much, if at all, from federal relief efforts aimed at helping businesses impacted by the COVID-19 pandemic – namely, the Economic Injury Disaster Loan (EIDL) and Paycheck Protection programs – new legislation now allows farmers to receive funding. Legislation signed by President Trump today, April 24, 2020, opens up EIDL loans to growers. Although EIDL doesn’t feature the forgiveness provisions of the Paycheck Protection Program, these loans remain a good option for farmers. Here’s why: The interest rates are low – 3...

Published in COVID-19
Tuesday, 21 April 2020

Five Considerations to make during COVID-19

Written by Keith Harder, Principal and Financial Advisor, Mark Spaak, Senior Manager, and Ryan Sullivan, Principal And Managing Director, Rehmann Financial

As we grapple with the impact of COVID-19 on the economy, employment and federal and state policy, clear direction is needed to inform a long-term path forward. At Rehmann, we are here to provide solutions and help the community navigate this uncertainty. In response to clients’ common concerns and questions, Rehmann developed a robust online COVID-19 knowledge center. We have also identified five tips to consider as you weather the current climate...

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. Even videoconferencing, which is being used more than ever, has become a potential avenue for hackers...

Published in COVID-19
Tuesday, 21 April 2020

Financial Services: A Closer Look at Loan and Lease Losses

Written by Liz Ziesmer, CPA, CBA

As the global pandemic continues to significantly affect businesses’ bottom lines and individuals’ pocketbooks, financial institutions are grappling with the impacts on accounting and financial reporting – specifically, what the devastation wrought by COVID-19 means for their first quarter allowance. Here’s what banks, credit unions, investment companies, brokerage firms, insurance companies, mortgage companies and other financial institutions should keep in mind during these tumultuous times. Incurred- vs. Expected-Loss Models Under the incurred-loss model, the estimation of credit losses refers to an estimate of the amount of loans an institution will not be able to collect under certain circumstances...

Published in COVID-19
Friday, 17 April 2020

Help for Healthcare Professionals: Inside the CARES Act Provider Relief Fund

Written by Don McAnelly, CPA/ABV, CGMA

Healthcare providers in areas heavily hit by the COVID-19 pandemic, as well as those who are struggling to keep their practice and facility doors open due to canceled elective services and healthy patients delaying care, can receive federal funding through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act Provider Relief Fund provides $100 billion in relief funds to hospitals and healthcare providers on the front lines of the coronavirus response. This funding is supporting healthcare-related expenses or lost revenue due to COVID-19 and ensures Americans without healthcare insurance can get testing and treatment for COVID-19. Some $30 billion is being distributed immediately – with payments arriving via direct deposit starting April 10 – to eligible providers throughout the American healthcare system...

Published in COVID-19
Friday, 17 April 2020

U.S. Chamber of Commerce Launches the Save Small Business Fund

Written by U.S. Chamber of Commerce

The U.S. Chamber of Commerce Foundation has launched the Save Small Business Fund, which is a collective effort to provide $5,000 grants to as many small employers as possible. The supplemental funds were made available to help bridge immediate financial gaps for small businesses in geographical areas with the greatest need...

Published in COVID-19
Thursday, 16 April 2020

Stay Empowered and Make Sound Financial Decisions During the Pandemic

Written by The Rehmann Team

Financial markets experiencing record volatility, millions of Americans losing their jobs, a health crisis that’s changing everyday life for the foreseeable future, and likely beyond – these are the harsh realities during this unprecedented time. It would be easy – and understandable – to allow your anxiety to overwhelm you, especially as it relates to your financial security, but there’s hope even in these darker moments. Sound financial planning and decision making is crucial, now more than ever, and it starts with looking closely at the things we can control as opposed to getting swept up in the white noise of what we can’t control. This new landscape is unknown territory in some ways, but history reminds us that the economy, as well as investment markets, are resilient and will eventually recover...

Published in COVID-19
Wednesday, 15 April 2020

CARES Act Regulatory Capital Interim Final Rule

Written by Liz Ziesmer, CPA, CBA

The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law on April 7, 2020, includes the Paycheck Protection Program (PPP) to provide more than $349 billion to small businesses to help them maintain payrolls at the same amount as prior to the COVID-19 pandemic. Any lending institution approved to participate in the existing SBA 7(a) lending program, as well as additional lenders approved by the Department of Treasury, is accepting applications for a PPP loan. Also on April 7, 2020, the Board of Governors of the Federal Reserve System (Board), with approval of the Secretary of the Treasury, authorized Federal Reserve Banks to extend credit under the Paycheck Protection Program Lending Facility (PPPL Facility) in the form of non-recourse loans to institutions that are eligible to make PPP covered loans. The OCC, Board and FDIC then issued an interim final rule and request for comment on their subsequent action to allow banks to neutralize the regulatory capital effects of participating in the PPP...

Published in COVID-19
Wednesday, 15 April 2020

Accounting effects of the Coronavirus on fair value measurements

Written by Thomson Reuters

Definition of Fair Value Fair value is the price that an entity would receive to sell an asset (or pay to transfer a liability) in an orderly transaction that occurs as of the measurement date between market participants in the principal market (or most advantageous market) for the asset or liability.  For nonfinancial assets, fair value is determined based on an asset’s highest and best use. The coronavirus disease 2019 (COVID-19) is throwing a wrench into fair value measurements.  Even the basic definition of fair value requires a closer look...

Published in COVID-19
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