COVID Loans and Funding
Congress Announces Additional Appropriations for Disaster Loans
AAFCPAs would like to make clients aware that Congress announced today an additional $310 billion in funding for the very popular Paycheck Protection Program (PPP). The PPP was initially introduced by the CARES Act on March 27th, 2020. $60 billion of the additional $310 billion will be allocated to small lenders and community banks. Other […]
Webinar: Accounting & Audit Impact of COVID-19
OnDemand Webinar Recorded May 4th, 2020 The Coronavirus pandemic has required businesses to quickly make changes to how employees work, and in many cases, has had a significant impact on Revenue & Expenses. These changes to processes, procedures, and finances may have exposed your organization to new risks and have had an impact on your […]
SBA Disaster Loan Funds Exhausted
UPDATED: On April 21st a new round of funding became available for the PPP loan program. The EIDL program is also still accepting applications. The deadline to apply for the PPP remains June 30th. As you may now be aware, the US Small Business Administration (SBA) announced today, April 16th, that Paycheck Protection Program (PPP) […]
CARES Act Healthcare Provider Relief Fund
AAFCPAs would like to make healthcare providers aware that as part of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, $100 billion in Provider Relief Funds was pledged to hospitals and other healthcare providers. These funds are designed to reimburse healthcare-related expenses and lost revenue related to COVID-19, and to guarantee uninsured Americans […]
Federal Reserve Authorizes Main Street Loans for Companies Impacted by COVID-19
AAFCPAs would like to make clients aware that the Federal Reserve, effective April 9, 2020, authorized a series of programs to provide up to $2.3 trillion in loans to households, businesses, and state and local governments struggling to deal with the COVID-19 pandemic. AAFCPAs has provided the below overview based on available information of the […]
Health Centers Awarded $1.3 Billion Through CARES Act
AAFCPAs would like to make community health center clients aware that on April 8, 2020, the Health Resources and Services Administration (HRSA) awarded $1.3 billion to the nation’s community health centers under the Health Center Coronavirus Aid, Relief, and Economic Security (CARES) Act Funding. The distribution of funding was determined based on a $503,000 base, […]
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]
Guidance on SBA Disaster Loans, AAFCPAs’ CARES Act Task Force Mobilized to Assist
UPDATE 4/16/20: Initial Round of SBA Disaster Loan Funds Exhausted; Now what? AAFCPAs would like to make clients aware that the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, signed by President Trump on Friday, March 27th, 2020, creates two Small Business Administration (SBA) loan programs available to businesses to prevent devastation caused by […]
Disaster Assistance Loans for Small Businesses & Nonprofits Impacted by Coronavirus
AAFCPAs would like to make clients aware that the U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans for working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA Economic Injury Disaster Loan Small businesses, private nonprofit organizations of any size, small agricultural cooperatives and […]