HSC CORONAVIRUS COMMUNICATION
August 6, 2020
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 your HSC team member or Kyle Wininger,
CPA, CICA, CVA, CFE at firstname.lastname@example.org.
Paycheck Protection Program
FAQs on PPP Loan Forgiveness
On August 4, 2020, the SBA and the US Treasury issued guidance through additional FAQs as it relates to PPP Loan Forgiveness. This 10-page document mostly focuses on examples and clarification of eligible payroll and non-payroll costs and the timing of various covered and alternate covered periods. It also discusses the following topics:
- Which form self-employed individuals should use.
- Use of scanned support and e-signatures.
- Explanation of loan payment timing.
- Calculating payroll costs for forgiveness computations.
- Owner’s compensation amounts.
- Inability to accelerate retirement benefit costs.
- Clarification of nonpayroll costs for forgiveness computations.
- Interest ineligibility on unsecured loans.
The entire document can be found by clicking here.
If you have any questions please contact Scott Touro, MBA at email@example.com.
Families First Coronavirs Response Act (the "FFCRA")
As our local communities are reporting more cases of COVID-19 and schools are beginning to open, your workforce may be impacted. Reminder the FFCRA (effective in April 2020) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. Details about the Act can be found by clicking here.
The Act also includes Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses. Click here for more information about the credits.
If you have any questions concerning the FFCRA please contact Matt Folz, CPA at firstname.lastname@example.org.
Manufacturing Readiness Grants
The IEDC (Indiana Economic Development Corporation) in partnership with Conexus Indiana is now accepting applications for up to $200,000 in matching grants for companies committing to increasing their competitiveness by integrating smart technologies and processes in order to improve capacity, capability, speed and quality. Funding may also be utilized for health care manufacturing technology, providing financial assistance to manufacturers supporting COVID-19 response efforts.
If this is of interest, please apply here.
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.
21 SE Third Street
Evansville, IN 47708
545 S Third Street
Louisville, KY 40202
As a reminder, you are receiving this email because you are a valued client of Harding, Shymanski & Company, P.S.C. For more information on our company, please visit our website.
Harding, Shymanski & Company, P.S.C