HSC CORONAVIRUS COMMUNICATION
CORRECTED
Edition #22
May 19, 2020
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HSC COVID-19 Fast Response Team
We are here to help!
In these uncertain times with multimedia channels reporting conflicting and sometimes incorrect information, our firm is working to add clarity to this situation by providing new and verified information as it becomes available to us. We have also set up a
Coronavirus Resource Center on our website for ongoing information.
In addition, we have created the HSC COVID-19 Fast Response Team to serve our clients in addressing the difficult decisions they are being faced with on a daily basis. This dedicated multi-disciplinary team consists of our tax, payroll, HR, capital markets and accounting professionals.
If you have questions or would like to speak with this team please contact yourHSC team member or Kyle Wininger, CPA, CICA, CVA, CFE at
kwininger@hsccpa.com.
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Paycheck Protection Program Loans
Forgiveness Webinar -
Part 2
As discussed below, on May 15th the Small Business Association released its Payroll Protection Program Forgiveness Application which provides some additional clarification.
As a follow-up to our previous
Paycheck Protection Program Forgiveness webinar, we will share an overview of the new guidance including:
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Time Period for Forgiveness
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Alternative Payroll Covered Periods
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Eligible Costs
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Payroll Reduction Exemption
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FTE Calculation
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The 75/25 Rule
Date: Thursday, May 28, 2020
Time: 12:00 ET/11:00 CT
REGISTER HERE
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SBA Releases PPP Loan Forgiveness Application and Instructions
On Friday, May 15th, the SBA released the
application form and instructions that borrowers should use to apply for forgiveness on their PPP funds they received. Highlights of the form include:
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When the 8 week period begins to count expenses disbursed from the funds to credit towards forgiveness.
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What payroll expenses count towards the eligible expenses.
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How to calculate the full time equivalent (FTE) of employees.
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Inputs for Business mortgage utility payments.
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Inputs for Business rents or lease payments.
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Inputs for Business utility payments.
The form also includes instructions for what documentation will need to be submitted with the application form, in order to support the expenses shown.
It is expected that there will be additional clarification from the SBA as this process continues. HSC will update our clients and friends as this information becomes available. In the meantime, please be sure to
contact us with any questions or visit our
COVID-19 Resource Center for additional resources.
For more information please contact Scott Touro, MBA at
stouro@hsccpa.com.
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Have You Developed Your “Re-Entry” Strategy?
As the conversation in the United States turns towards re-starting our economy, businesses want to know how they can responsibly reopen their business and protect the health and safety of their employees. At a minimum, businesses need to consider federal and state health guidelines and requirements to limit the spread of COVID-19, including but not limited to:
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How do reintroduce employees back into the workforce in phases?
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What new employee leave policies/procedures do we need to have in place?
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How will we monitor employee health proactively?
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What new cleaning/sanitizing practices do we need to adopt?
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Exactly what will social distancing look like?
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What PPE do we need to protect employees from exposure to COVID-19?
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Do I need a written plan?
The above questions are just a start. As the re-entry begins, you will want to give employees confidence they are protected, and get businesses back to being productive and profitable.
State guidance for Indiana and Kentucky can be found at
kycovid19.ky.gov and
https://www.coronavirus.in.gov/.
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Harding, Shymanski & Company, P.S.C. is a public accounting firm with offices in Evansville, Indiana, and Louisville, Kentucky. We are one of the largest accounting firms in Southern Indiana and Kentucky, providing experienced professionals who look beyond the numbers to the heart of complex issues. Our clients range in size from small proprietorships to billion-dollar corporations, from closely-held and family-owned businesses to publicly traded firms, and span nearly every industry. They all have one thing in common: they count on our expertise to capitalize on their opportunities and make the best of their challenges.
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Evansville Office
21 SE Third Street
Suite 500
Evansville, IN 47708
(812) 464-9161
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Louisville Office
545 S Third Street
Suite 102
Louisville, KY 40202
(502) 584-4142
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As a reminder, you are receiving this email because you are a treasured client of Harding, Shymanski & Company, P.S.C. For more information on our company, please
visit our website.
Harding, Shymanski & Company, P.S.C
Office locations
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