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HSC CORONAVIRUS
C
OMMUNICATION
April 15, 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 your HSC team member or Kyle Wininger, CPA, CICA, CVA, CFE at [email protected].
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Paycheck Protection Program Loans - Act II
Maximizing Forgiveness |Maintaining Compliance
Webinar
If you have applied for or received a Paycheck Protection Program Loan, you will soon be faced with the second act. . . maintaining compliance and maximizing forgiveness. Join this special webcast presented by our COVID-19 Fast Response Team members to learn about how the forgiveness calculations work, what still needs to be explained in the regulations, and how to maintain compliance with your PPP Loan.
Date: Thursday, April 16th
Time: 12:00 CT/1:00 ET
Space is limited - first come, first served.
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Updated Guidance on PPP Loans
The Small Business Administration released an
additional Interim Final Rule yesterday that provides guidance on a couple of key areas of uncertainty around the Paycheck Protection Program (PPP).
- The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees).
- Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).
You'll find the new guidance here.
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CARES Act Provider Relief Fund
If you received payment as part of the Provider Relief Funding provision of the CARES Act, please become familiar with the terms of the funding. Below is a link to the ten page attestation agreement that contains the terms for retaining all or part of the funds you received. While the funding is a grant, not a loan, there are certain requirements that must be met. We are working closely with the HBMA, who is in turn working closely with HHS to develop a Q & A to more clearly define the terms of the funding.
- Terms & Conditions for acceptance and retention of all or part of the funds are detailed in the agreement which can be read in full at this link: Terms and Conditions - PDF. The terms and conditions on this document are numerous and there is subsequent reporting that will be required of the provider accepting these funds.
- If you ceased operation as a result of the COVID-19 pandemic, you are still eligible to receive funds so long as you provided diagnoses, testing, or care for individuals with possible or actual cases of COVID-19.
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Care does not have to be specific to treating COVID-19. HHS broadly views every patient as a possible case of COVID-19.
- Within 30 days of receiving the payment, providers must sign an attestation confirming receipt of the funds and agreeing to the terms and conditions of payment. The portal for signing the attestation will be open the week of April 13, 2020. Not returning the payment within 30 days of receipt will be viewed as acceptance of the Terms and Conditions.
- If a provider receives payment and does not wish to comply with these Terms and Conditions, the provider must do the following: Contact HHS within 30 days of receipt of payment and then remit the full payment to HHS as instructed. Appropriate contact information will be provided soon.
More to come as information becomes available.
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Keeping Other Members of Your Team Informed
If you would like other members of your team to begin receiving this communication, please forward to each individual and they can subscribe here or email Leslie Wight at [email protected] and she will add them to the communications.
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Disclaimer:
The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not, intended to provide legal, tax or accounting advice.
Internal Revenue Service rules require us to inform you that this communication may be deemed a solicitation to provide tax services. This communication is being sent to individuals who have subscribed to receive it or who we believe would have an interest in the topics discussed.
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proprietary to RSM U
S LLP.
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Harding, Shymanski & Company, P.S.C.
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