Strategic Approaches: Navigating The 2023 Ppp Loan Modifications – Financial and liability management, Financial measurement and forecasting, Volatility risk and returns, Financial estimation, Financial forecasting, Financial risk assessment, Corporate risk, Financial reporting and accounting, Financial performance, Risk analysis, Financial accounting: ALL, Financial accounting: CECL , Accounting: IFRS 9
Join Moody’s Analytics and our panel of financial institution executives as they share the challenges and successes of navigating the second phase of the SBA’s PPP loan program, as well as the potential for phases three and four of small business incentives.
Strategic Approaches: Navigating The 2023 Ppp Loan Modifications
See what’s happening in the real estate market and advice on how credit unions can take advantage of CRE while managing risk.
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Join us for the third website in our series: Moody’s Analytics & Raymond James in Conversation, where we will discuss the real estate market and how it affects banking/credit.
The effects of Covid-19 are not uniform across the country. Accounting for these differences is critical to making informed business decisions.
The new CECL accounting standards require entities to include future information in their estimates of expected lifetime losses.
The new CECL accounting standards require entities to include future information in their estimates of expected lifetime losses. Join CECL experts as they discuss how community banks and credit unions can achieve this.
Paycheck Protection Program (ppp) Loan Assistance
ICBA and Moody’s Analytics Webinar: CECL is fast approaching. Is your bank ready to comply with the new accounting standards?
Join CECL experts Robby Holditch and Christian Henkel as they share real-world examples and practical strategies that fit your CECL management plan. We understand that PPP loans can be confusing for many government contractors. That’s why we’ve created a list of frequently asked questions we receive from customers to help you navigate this theme.
We recommend that contractors create separate GL accounts for PPP loans, exemptions, tax credits, etc. Will this support proper GAAP reporting, taxes, and expenses? The contractor MUST NOT use these amounts as direct debits to the original GL account as this will obscure important reporting to various external stakeholders. For ICP, credits must be recorded in the preparation section with detailed records for each type of credit.
ARE GOVERNMENT CONTRACTORS REQUIRED TO NOTIFY THEMSELVES TO DCAA OR VERIFICATIONS THAT THEY CAN WORK IN PPP OR OTHER COVID-19 WAIVERS? KimMurray 2023-10-05T10:49:59-07:00
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ARE GOVERNMENT CONTRACTORS REQUIRED TO NOTIFY THEMSELVES DCAA OR VERIFICATION OF THEIR EMPLOYMENT IN CONNECTION WITH PPP OR USING OTHER COVID-19 SERVICES?
No, tax issues are the same for all companies (public and commercial). Talk to your accountant or tax attorney.
*Note: Although contractors are not required to reimburse labor costs under FFP and T&M contracts, they are still required to apply credits to their ICP if they calculate exemptions in this manner. This can increase the Fringe (due to reduced workload) and increase overhead (due to reduced direct costs). However, the increase in the price of the product will be offset by the decrease in the premium price.
DOES THE GOVERNMENT WANT TO HELP US CHANGE (OR OTHER SUFFER FROM KOVID-19) TO CHANGE THE SINS IN THE SAME WAY THEY HAVE RECEIVED IN ALL ACTIONS?KimMurray 2023-07-15T09:03:45- 07:00
Guide To Ppp Loan Forgiveness
DO GOVERNMENT COUNTRIES TAKE ADVANTAGE (OR OTHER REGULATIONS RELATED TO THE RESULTS OF COVID-19) TO SHOW PRICES IN THE SAME WAY AS THEY DID IN THE COLLECTED CONTENTS?
Correct. DCAA has stated in FAQ #1 MRD 2020-PIC-006(R) that credits must be used as earned. This means that if the contractor is using only employees to qualify for the PPP exemption, the credit given on government contracts must be 100% employees. Contractors cannot use the PPP exemption for other eligible costs if they have not specified those costs in their PPP exemption request.
If contractors use the PPP exemption and other COVID-19 relief for unspecified costs, the credit will be distributed equally to all contractors (government and commercial) regardless of the type of contract. If contractors are to use this exemption as a credit for direct costs, they should consider the following.
We recommend that customers focus on using the PPP exemption (or any other relief related to COVID-19) on occasional rates. In this way, the benefits of support are spread across all contracts and clients do not have to worry about changing invoices or demanding direct payments for each contract – the same activities may attract further investigations by the DCAA or other government experts.
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However, government contractors have to make different calculations when calculating costs and preparing Cost Intents (ICPs). According to FAR 31.201-5, the government must provide credit for all deductions, refunds, or credits received regardless of the source of the items.
Correct. Government contractors must meet other companies’ requirements in terms of industry, size and financial performance.
Robert E. Jones knows government contractors. How to qualify them. How to take care of them. That’s how you can benefit from them. With more than 18 years of DoD accounting and contracting experience, he has helped companies navigate the legal and regulatory aspects of government contracts. Monthly Webinar on Aging Process Planning and Obsolescence by Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD
Paycheck Protection Program (PPP) Quick Report Summary Paycheck Protection Program (PPP) Loan Period Loan Period Paycheck Protection Program (What can PPP be used for? Paycheck Protection Program (PPP) Loan Period “Alternative Payroll Time” Paycheck Protection Program ( PPP) Allowances for Paycheck Protection Program (PPP) Loan forgiveness is incurred or paid. Paycheck fees as defined by the Paycheck Protection Program (PPP) Difficulty, especially for business owners Reduced loan forgiveness due to non-payment or full repayment Options for forgiveness Paycheck Protection Program (PPP)
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Earlier this year, in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides funding to individuals, businesses, health organizations, and federal and state governments to help meet short-term needs. about money. One of the components of the CARES Act is the Paycheck Protection Program (PPP), which authorizes up to $649 billion in forgiven loans guaranteed by the Small Business Administration, allowing small business owners to keep their employees and reduce their wages.
For the PPP loan to be forgiven, the proceeds must be used for a specified set of eligible expenses. At least 60% of the forgiven PPP loan must be used to pay wages (subject to other restrictions imposed on business owners, including not only wages and salaries but also holidays, family and medical leave; group health insurance; retirement benefits and the government. and local taxes) and the balance (not to exceed 40%) of rent, housing interest, utilities and business interest on a loan that was repaid before 15 February 2020.
Other restrictions affect employers’ wages and may affect the amount of social insurance, pension payments, and/or state and local taxes they pay for their work. Additionally, the loan that can be forgiven applies to the amount paid or incurred during the “Covered Period” of the loan.
If the loan is paid on or after June 5, 2020, the Covered Period is 24 weeks, starting from the date the loan was issued. For loans issued before June 5, 2020, borrowers have the option of choosing a Covered Period of 24 or 8 weeks. Business owners who pay twice a week (or more often) have the option of using the “Extended Payment Period,” which begins on the first of the payment period that begins after receipt of payment. ), which would allow for more payments to be made for PPP loan forgiveness.
The Dark Side Of Relief: Combatting Ppp Loan Fraud
PPP loans are intended to help business owners retain their employees and reduce wage cuts during economic crises; Therefore, the amount eligible for some loan forgiveness (i.e., in excess of $50,000) may be reduced if the full-time employee (FTE) is reduced by any amount or if the wages of employees who are not paid as much (ie, those with higher wages). annual wages of less than $100,000) will be reduced by 25% (although Congress allowed some flexibility except for lenders who have tried to foreclose on employees or recover wages).
To determine whether a change in the number of FTE employees affects the amount eligible for the PPP exemption, employers must estimate the average FTE weekly for the given period. February 29, 2020 (employers can choose a Lower FTE period), where one FTE is equal to 40 hours of work per week, regardless of the number of hours a person contributes (although an employee may not contribute more than 1 FTE per week if they work .more than 40 hours that week). A reduction in FTE will result in a reduction in PPP loan forgiveness; for example, a reduction in FTE by 20% will result in a reduction of 20%.
