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COVID-19 Resources

MOCPA has taken COVID-19 very seriously, and we continue to monitor its impact on members, your organizations, and the profession. Below are resources to support you and your business during this time. Stay safe and healthy, and know that MOCPA is here to assist you.

 

MOCPA's COVID-19 Video Learning Resources


Returning to Work Considerations: Safety, Risk, Policies
Before your company begins to transition staff back into the workplace, make sure you have reviewed all necessary guidelines and have proper policies in place. This session was led by MOCPA's attorney Barbara Dunn and Douglas Oldham.
Click here to watch the full episode.

Economic Update Series
As the status of the economy weighs heavily on most everyone's minds, MOCPA is hosting a complimentary online Economic Update Series, featuring Chris Kuehl, Ph.D., author of the daily "Business Intelligence Brief" and president of Armada Corporate Intelligence. He will provide a big picture understanding of the current environment and identify important elements to watch for that might impact your business or clients in the short- and near-term. 

Part One Topic: United States at the Epicenter
Click here to watch the full episode.

Part Two Topic: Turning the Corner?
Click here to watch the full episode.

Part Three Topic: Recovery in Sight or Settling in for a Siege
Click here to watch the full episode.

Part Four Topic: COVID on the Downside?
Click here to watch the full episode.

Part Five Topic: Is There a Rebound or Not? Where Are We Now?
Click here to watch the full episode.


American Rescue Plan


Inside the Tax Provisions of the Stimulus Act 
Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax & Accounting, shares with Accounting Today, an in-depth look at the many tax angles of the American Rescue Plan.
Click here to read the full article.

$1.9T Stimulus Includes $55B for Business 
PPP, other emergency loans get infusion, restaurants and live-event venues get targeted help. "Navigator" program will help businesses know what funds are available, reports CFO Dive.
Click here to read the full article.

Everything Relating to Small Businesses in the American Rescue Plan
The St. Louis Business Journal details everything in the American Rescue Plan relating to small businesses.
Click here to read the full article.

American Rescue Plan Act Passes with Many Tax Components 
The House of Representatives passed the American Rescue Plan Act, which contains many provisions are several tax items. The Journal of Accountancy provides a look at the final version of the tax provisions.
Click here to read the full article.


Paycheck Protection Program


Senate Passes PPP Bill, Extending Loan Applications Through May 
The Senate approved a bill extending the deadline for applying for a Paycheck Protection Program loan to May 31, sending the legislation to the White House for the President's signature days before the current March 31 deadline, reports the Wall Street Journal.
Click here to read the full article.

IRS Requires Corrected Information Returns for Certain SBA Loans 
The IRS instructed lenders that have erroneously filed or furnished Forms 1099-MISC, Miscellaneous Income, reporting certain payments on U.S. Small Business Administration subsidized loans as income of the borrower, to file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments, reports the Journal of Accounting.
Click here to read the full article.

U.S. PPP Loans Reach $72.7 Billion in New Round With Big Lenders
The number of PPP loans to U.S. small businesses more than doubled in the third week of the latest round of pandemic relief aid, as Bank of America Corp. and JPMorgan Chase & Co. each processed more than $1 billion in funding, says Bloomberg
Click here to read the full article.

Businesses Aren’t Flocking to this Round of PPP Loans
This week, the SBA sent out an update on how the latest Paycheck Protection Program is going. So far, about $73 billion worth of loans have been approved in the second round. Thing is, that’s only a quarter of the amount Congress allocated to the program, reports Marketplace.
Click here to read the full article.

PPP Advice for Firms: Preach Patience to Clients
Carl Peterson, CPA, CGMA, the AICPA’s vice president–Small Firm Interests, has a recommendation for accounting firms facing a torrent of client demands and deadlines caused by the confluence of tax season and the reopening of the Paycheck Protection Program, notes the Journal of Accountancy: Take the time to do it right.
Click here for the full article.

SBA Aims to Expedite PPP Loans Despite Fraud Risks
The U.S. Small Business Administration is pledging to improve the loan review process for Paycheck Protection Program loans, even as it pursues a record number of fraud complaints, notes Accounting Today.
Click here to read the full article.

SBA Announces Steps to Improve PPP Review Process
The U.S. Small Business Administration said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds, reports the Journal of Accountancy.
Click here to read the full article.

SBA Releases Streamlined PPP Forgiveness Forms 
The U.S. Small Business Administration released a one-page form aimed at simplifying the process of applying for forgiveness of Paycheck Protection Program loans, along with newly revised and updated forms to meet the requirements of the latest stimulus legislation, reports Accounting Today.
Click here for the full article.

IRS Offers Option When PPP Loan Forgiveness Is Denied
Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package, points out Accounting Today.
Click here for the full article.

PPP Calculations Guidance Released 
The U.S. Small Business Administration and Treasury have issued an 18-page document detailing how PPP borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations, notes the Journal of Accountancy.
Click here to read the full article.
Click here to read the 10-page document.

The U.S. SBA to Reopen the PPP Program to Small Lenders on Friday, Jan. 15  
The SBA and the Treasury Department said Wednesday that PPP-eligible lenders with $1 billion or less in assets for “first draw” and “second draw” applications will be able to offer loans through the PPP portal on Jan. 15 starting at 9 am ET. First draw applications are for businesses that didn’t borrow from the PPP last year, while second draw applications are for small businesses who need to borrow again, notes Accounting Today. The portal will fully open on Jan. 19 to all participating PPP lenders to submit first and second draw loan applications to the SBA.
Click here for the full article.

AICPA Encourages Firms to Aggressively Advance PPP Applications
The AICPA expects the federal government to open up the application process for all lenders participating in the latest round of the Paycheck Protection Program by Friday, and encourages CPA firms to advance the application process for small business clients seeking relief, reports the Journal of Accountancy.
Click here for the full article.

What's in the New Covid Relief Law?
Stimulus payments are just part of it. Also: more unemployment, PPP, EIDL loans, Employee Retention Credit, EIC, CTC, eviction moratorium, and more, notes CPA Practice Advisor.
Click here for the full article.

Guiding Clients through PPP Loan Forgiveness
CPAs have helped guide their clients through this troubling time as they try to navigate the sudden financial strain the pandemic has brought. The CARES Act provided some relief for businesses, dispersing more than $525 billion through the Paycheck Protection Program. As the time comes for businesses to apply for PPP loan forgiveness, CPAs can provide vital assistance to ensure success for their clients. Accounting Today shares things to keep in mind while helping clients with PPP loan forgiveness.
Click here for the full article.

Paycheck Protection Program Round 2: The Highlights 
After much deliberation, Congress finally agreed to approve a $900 billion COVID-19 relief package as part of the Consolidated Appropriations Act, 2021. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). The National Law Review highlights what the new relief package includes.
Click here for the full article.

AICPA Offers PPP Lending Portals for CPA Firms, Explains New PPP Provisions 
The AICPA is a strong advocate of additional relief for small businesses and worked in recent months to prepare CPA firms for the next round of Paycheck Protection Program (PPP) funding through the development of essential tools and training. Firms are now ready to hit the ground running to aid their small business clients come January, says CPA Practice Advisor.
Click here for the full article.

New FAQs Address PPP Loan Forgiveness Issues
The SBA, in consultation with Treasury, released guidance answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans, reports the Journal of Accountancy. The FAQs, published in a new 10-page document, are divided into four sections addressing different aspects of the process and calculations PPP borrowers should use to determine how much of their loan is forgivable.
Click here for the full article.

New AICPA Tool Automates PPP Loan Forgiveness Process
A new, free tool developed by the AICPA and fintech lender Biz2Credit is designed to help borrowers and their CPA advisers complete the forgiveness application for Paycheck Protection Program (PPP) loans, reports the Journal of Accountancy. You can find the tool by visiting PPPForgivenessTool.com.
Click here for more information.

The AICPA’s revised PPP Loan Forgiveness calculator is now available.
Click here to access the calculator tool from the AICPA's website.
 

Families First Act


Department of Labor Updates FAQs related to the Families First Coronavirus Response Act
The Department of Labor has updated its FAQs related to the Families First Coronavirus Response Act.  This expanded list answers some of the open questions and provides more details on some previously answered questions.  
Click here to be taken to the FAQs.
 

AICPA Resources


AICPA Coronavirus (COVID-19) Resource Center
The AICPA is taking the Coronavirus (COVID-19) very seriously. We are continually monitoring the virus’ impact on our members, staff, exam candidates, students and the profession.
Click here to visit the AICPA's Resource Center.

Learn More About the AICPA Benevolent Fund
If you are a member of the AICPA and find that you are financially impacted by COVID-19, please contact the AICPA Benevolent Fund at AICPA.org/benevolentfund or contact them by email: benevolent_fund@aicpa.org.

AICPA Federal and State Tax Filing Guidance for Coronavirus Pandemic
This document is updated regularly.
Click here to see the full update.
 

Peer Review and the CPA Exam


Six-Month Delay Granted for Peer Reviews
CPA firms will be granted six-month extensions for peer reviews, corrective actions, and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year, according to the Journal of Accountancy.
Click here to read the full article.

Uniform CPA Examination Testing FAQs
Stay current on all of the Coronavirus-related changes relating to the CPA Exam.
Click here to visit NASBA's FAQs page.
 

Other Resources
 

Governor Parson Signs Executive Order 20-08 Regarding Notary Public in Response to COVID-19
Governor Mike Parson has announced he has signed Executive Order 20-08 suspending a statutory requirement that a notary public must conduct the notarization of official documents while the signer appears personally in front of him or her. 
Click here to read the full alert.

Missouri Department of Health & Senior Services
Missouri DHSS has updated their list of resources for businesses and for workers impacted by layoffs.
Click here to visit their resources page.

Coronavirus at Work: Frequently Asked Questions from Paychex
Paychex has drafter a list of frequently asked questions with responses that should provide you with some initial information and resources to help you in responding to the outbreak of COVID-19, the flu virus, and other health crises.
Click here for more information.

SBA Disaster Assistance in Response to the Coronavirus
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Click here for more information.

Economic Impact Payments: What You Need to Know
The Treasury Department and the IRS have announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. 
Click here to read the update.
 

Articles


Remote Work Resources from the Missouri Department of Revenue
The Missouri Department of Revenue’s remote work resource page for employers and individuals. Many people have recently transitioned from working in the office to working remotely. This transition may have changed the tax obligations for some individuals and employers. The Department has created this convenient resource to provide you with the most up-to-date information and to help answer your questions about remote work.
Click here to read the full article.

How CPAs can protect their relevance post-COVID-19 
COVID-19 unleashed massive upheaval in the lives of CPAs and in their profession. Tax deadlines were extended or altered, the government approved historic stimulus programs, accounting was deemed an essential business and we learned the term “social distancing.” Businesses of all types were turning to their CPAs in search of advice and, in some cases, strategic insight for how to sustain, survive and thrive again.  But what about all that’s left to do? Now is a great time to step back and, as lifelong learners, figure out what was learned from all of this and how it can help move CPAs forward, says AccountingWEB.
Click here to read the full article.

Red Flags for Firms to Avoid after COVID-19
Many small- and mid-sized CPA firms have the potential to fail post-COVID-19 if they don’t address the issues that will inevitably pop up after the pandemic subsides. Accounting Today examines 10 common red flags to avoid.
Click here to read the full article.

These Business Owners Got a PPP Loan. It May Not Be Enough.
Funding issued through the SBA has been a financial lifeline for millions of small businesses during a recession that hit faster than any other in American history. The Paycheck Protection Program, created by the CARES Act, a $2.2 trillion relief measure enacted in March, offered low-interest loans of up to $10 million to small businesses. Entrepreneurs who use the funding a certain way, like allocating the bulk toward employee wages, don’t have to repay the loan — a huge draw for businesses forced to shut due to government fiat and through no fault of their own. But now that business owners have used up their PPP funding, they’re facing uncomfortable questions amid the possibility of further shutdowns, reports CNBC.
Click here to read the full article.

Protect Your Organization from COVID-19 Cyberthreats
The spread of COVID-19 has pushed many organizations to adopt remote work policies. This influx in remote work has created a gap in cybersecurity standards and it’s becoming a growing concern. Cybercriminals are exploiting COVID-19 to target organizations and individuals, reports BDO Digital.
Click here to read the full article.

FASB Proposes to Delay Accounting Standards in Response to Coronavirus
The Financial Accounting Standards Board plans to propose that private companies and not-for-profit organizations get an extra year to implement the lease accounting standard while they deal with the coronavirus crisis, while also giving private franchisor companies an extra year to get ready for the revenue recognition standard, reports Accounting Today.
Click here to read the full article.
 

Other Learning Opportunities


Click here to see the complete list of learning opportunities for MOCPA members.