At Blue & Co. LLC, we continue to monitor and disseminate impactful information to our clients in connection with their PPP loans advanced through the SBA in connection with the CARES Act. Some clients that have received PPP funds have raised concerns about entering into transactions (on either the sell or buy side) with parties […]
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Guidance on Related Party Rent In this Interim Final Rule, the SBA addressed three issues many companies face. The most significant is related party rent. C corporations and S corporations. The SBA has made it clear that owner employees with less than a 5 % ownership in a C or S Corporation are not subject […]
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On Saturday, August 8th, President Donald Trump signed four executive actions relating to COVID-19 relief. The orders provide for a payroll tax deferment, an extension of the deferment of student loan payments and interest accrual, as well as a potential $400 per week in Federal Pandemic Unemployment Compensation. The last order instructs the Director of […]
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The Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance (in the form of FAQs released on August 11th) regarding PPP Loan Forgiveness for funds advanced as part of section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program […]
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Did you know that as of March 27, 2020, most Required Minimum Distributions (RMDs) were waived for the 2020 calendar year? That means that if you normally take an RMD from your IRA or business retirement plan, except for pension plans, you are not required to take that distribution for 2020. In most cases, if […]
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The Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance regarding PPP Loan Forgiveness for funds advanced as part of section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). We compiled key takeaways from […]
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Now that many not-for-profit (NFP) entities have received a loan under the Small Business Administration’s Paycheck Protection Program (PPP), they are now trying to determine how and when to account for the forgiveness of the loan. Although the legal form of the PPP loan is debt, some believe that the loan is a government grant. […]
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This article was originally published on April 22nd and was most recently updated on July 8th. It is being updated as new information becomes available. On July 4th, President Trump signed a bill into law extending the Paycheck Protection Program through August 8, 2020. Banks and the SBA had stopped approving loan applications on June […]
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This article was originally published on May 18th and was most recently updated on June 18th. It is being updated as new information becomes available. The U.S. Department of Treasury released revised PPP loan forgiveness applications on June 17th in response to changes enacted by the Paycheck Protection Program Flexibility Act of 2020. In doing […]
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May 13th Update: The IRS had issued previous guidance stating that companies which were not paying wages but were paying health benefits for unpaid, furloughed workers were not entitled to the benefits under the Employee Retention Credit. The tax credit is worth up to $5,000 calculated as 50% of wages and health benefits up to […]
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By Greg Jackson, CPA, Principal at Blue & Co. Many not-for-profit organizations rely on public support (grants and contributions) to finance their mission. When that public support includes donor-restricted grants and contributions, those restricted amounts must be reported and accounted for in accordance with the related restrictions attached to the funds. When recording a donor-restricted […]
In the past several years, hospitals have continued to feel the impact on revenue from Clinical Validation Denials (CVD). The need for a robust CDI team to capture support for clinical indicators while the patient is still in house is more imperative than ever. The other overwhelming piece for revenue cycle teams to manage is […]
Ensuring the long-term financial viability of a health system requires constant attention to the operating statement. This involves assessing the current state of your healthcare organization and critically comparing the current condition to industry and/or internal benchmark standards. Ultimately, this assessment assists management implement an ongoing margin improvement process to increase the likelihood of achieving […]
