The Treasury and SBA announced on April 28 that it intends to do a full review of applicant certifications for funded loans under the Paycheck Protection Program (PPP) in excess of $2 million. How This Will Work The announcement describes that for all loans made in excess of $2 million that such loans will be subject to a full review of the applicant’s certificati [...]

President Trump has today (April 24, 2020) signed the Amendment (passed last evening by Congress), which will provide $484 billion in additional funding to the Paycheck Protection Program (PPP) , the Economic Injury Disaster Loan (EIDL) program and several other new provisions. The Amendment provides the following: The Lender-administered PPP loan will have addition [...]

Recently, Federally Qualified Health Centers (FQHCs) received two sets of supplemental funding released by the Health Resources and Services Administration (HRSA) in response to the COVID-19 pandemic: $1.32 billion in CARES Supplemental Funding (H8D), appropriated through the CARES Act of 2020, and;$100 million in COVID-19 Supplemental Funding (H8C), appropriated thr [...]

This article was originally published in Los Angeles Business Journal The role of a business advisor has been evolving, and now COVID-19 has been a disrupter that shows the need for better and broader solutions to client challenges. A way to get there is diversity of thought, which comes from intentionally bringing varied skill sets, experiences, talents and back [...]

As previously noted in GHJ’s COVID-19 Updates, GHJ expects additional guidance from the Small Business Administration (SBA) to allow applicants to re-assess their initial application in light of questions on PPP eligibility for certain borrowers. Today (April 23) the SBA provided guidance in response to perceived abuses of large companies taking PPP loans when such [...]

GHJ is pleased to announce Partner Steve Sills, Principal Peter Klass and Manager Tracy Liang as authors and contributors in the third edition of Movie Money: Understanding Hollywood's (creative) Accounting Practices. Hollywood and COVID-19 The closure of movie theatres demonstrates the vast impact of the coronavirus outbreak on the film industry. The immedia [...]

As the IRS and U.S. Treasury roll out FAQs and additional guidance on the CARES Act and COVID-19-related legislation, the GHJ State and Local Tax Team has fielded numerous questions from clients on how these new laws will affect California’s state taxes. Below is some insight into the most frequently asked about topics and how they will apply on a state-level. Reba [...]

As additional relief for U.S. taxpayers that are affected by COVID-19, the IRS and Treasury provided guidance for tax issues as a result of the travel disruptions for both 2019 and 2020. Rev. Proc. 2020-20: Provides that eligible nonresident aliens, who were not able to depart the U.S. because of COVID-19 emergency, can exclude up to 60 consecutive calendar days for [...]

COVID-19 has affected every major industry in the past three months. Arguably the most severely impacted is the food and beverage industry. However while many restaurants are taking major losses, sales are doing well for Consumer Product Goods (CPG), packaged food and beverage brands. Raw Material Concerns In a recent video message, Nestle’s CEO Mark Schneider sh [...]

Consumers have all been met with empty shelves at grocery store over the past weeks as most states are under stay-at-home orders. Or the grocery store might have the product but not the brand a consumer would traditionally purchase. Availability and Price Factors Consumers in the current economy are having to base their decisions on factors other than brand loyal [...]