On Wednesday, June 3rd, the Senate passed the House Bill HR 7010, that modifies the Paycheck Protection Program. Senate Majority Leader Mitch McConnell (R-KY) brought up the Bill just after 7 pm Eastern Time, and the measure passed by voice vote. The next step will be for President Donald Trump to sign it into law. Read the full article…
On Thursday, May 28th, the House of Representatives passed a Bill, that, if ratified by the Senate and the President, would make significant changes to the rules governing forgiveness of PPP loans. The Bill, HR 7010, the Paycheck Protection Program Flexibility Act of 2020, was sponsored by Rep. Dean Phillips, (D-MN-3) and co-authored by Rep. Read the full article…
Los Angeles, CA – May 11, 2020 – Los Angeles-based firm, KROST CPAs & Consultants, has launched several programs to assist businesses during the Coronavirus pandemic. Since April 2020, the firm has assisted hundreds of businesses and individuals through the development of COVID-19 resources that have guided them through the process of choosing, applying, and Read the full article…
![[Webinar] PPP – Calculating, Optimizing and Tracking Use of Funds to Maximize Loan Forgiveness](https://www.krostcpas.com/wp-content/uploads/PPP-Demo-Webinar-1.jpg "[Webinar] PPP – Calculating, Optimizing and Tracking Use of Funds to Maximize Loan Forgiveness")
Join us on Wednesday, May 13th at 10 AM, as we host a webinar led by Paren Knadjian, Head of M&A and Capital Markets at KROST. This webinar will give an update on the latest guidance on the use of PPP loan proceeds, best practices for the use of these loans, and will give a Read the full article…
![[Updated] Main Street Loan Programs – Terms and Loan Comparison Chart](https://www.krostcpas.com/wp-content/uploads/Updated-Main-Street-Loan-Programs-–-Terms-and-Loan-Comparison-Chart-.jpg "[Updated] Main Street Loan Programs – Terms and Loan Comparison Chart")
On April 30th, 2020, the Federal Reserve Board announced it is expanding the scope and eligibility for the Main Street Lending Program previously announced on April 9th. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses Read the full article…
The IRS released Notice 2020-32, which makes the portion of a PPP loan that is forgiven, not quite as attractive as it originally appeared. Typically, when debt is forgiven, the amount is included in the income of the borrower. The CARES Act specifically addressed this by including Section 1106(i) which states that “Any amount which Read the full article…
![[Updated] Senate and House Pass Bill That Provides Additional Funding for PPP and EIDL Loans](https://www.krostcpas.com/wp-content/uploads/Senate-and-House-Pass-Bill-That-Provides-Additional-Funding-for-PPP-and-EIDL-Loans.jpg "[Updated] Senate and House Pass Bill That Provides Additional Funding for PPP and EIDL Loans")
As reported widely, the US Senate and House is taking action to re-open the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program by allocating additional funds to both. The Senate and House have passed a Bill, in the form of an amendment to the CARES Act, that makes $484 billion of Read the full article…
The Novel Coronavirus has had a huge impact all over the world. People in quarantine are forced to stay home, many kids are now homeschooled, and businesses are closed. To help Americans get through this crisis, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into effect on March 27, 2020. The Read the full article…
The following article is written by the IRS. View the original source here: https://www.irs.gov/newsroom/taxpayers-should-be-aware-of-coronavirus-related-scams Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will Read the full article…
On April 9, 2020, the Federal Reserve announced additional actions to provide up to $2.3 trillion in loans to support the economy. This funding is aimed at assisting employers of all sizes and bolster the ability of state and local governments to deliver critical services during the COVID-19 pandemic. Specifically, they announced: The Paycheck Protection Read the full article…
