By now, we have all heard the SBA has released the forgiveness application for those in receipt of PPP money. It’s SBA Form 3508. Along with the rules issued by the SBA on May 22, 2020, it contains some surprises. For instance, would you think businesses could pay employee bonuses with PPP money? Take off […]
Displaying: May 2020
FASB Offers Deferral Option for ASC 606 Implementation for Private and Not-for-Profit Entities
The FASB has tentatively approved an optional one-year implementation deferral for ASC 606 – Revenue from Contracts with Customers. ASC 606 requires a detailed review of existing and pending contracts with customers and follows a 5-step process to determine the timing and recognition of revenue related to such contracts. Non-public and not-for-profit entities that have […]
Can an Employee Refuse Work and Still Collect Unemployment?
As we are all aware, those currently receiving unemployment compensation are collecting an additional $600 weekly in benefits on top of their state’s weekly amount. These additional payments emanate from the COVID-19 pandemic relief legislation and will continue until July 31st. As a result, many recipients are collecting substantially more in unemployment benefits than wages if […]