First, you should know that if you took a first-round PPP loan that did not exceed $150,000, SBA has just released a simplified forgiveness form-just one page with key information, but with no requirement to document payroll or other costs
Have you completed your 1099s? There is a new form 1099 NEC
What is nonemployee compensation? by John Heveron If the following four conditions are met, you must generally report a payment as NEC. You made the payment to someone who is not your employee. You made the payment for services in
Tips for your first single audit
by John Heveron Will this be the first year you are subject to compliance auditing? If so, the following information will help you prepare. If you expend (not receive) $750,000 or more of federal funds in a fiscal year, you
CARES Act funds used for Transition, Diversion, and related Housing costs
As Kelly Buckland, NCIL ED says it, “Affordable, accessible housing or the lack of it, is the biggest barrier to transitioning people from congregate settings.” He clarified with ACL/OILP that centers can use CARES Act funding to assist individuals transitioning
PPP Loan Forgiveness
We don’t have all of the answers yet for PPP loan forgiveness, but there are a few key things that we do know at this point. They include: SBA confirms that you can apply for forgiveness any time up until
Program Income
There are very specific rules (in Health and Human Services Uniform Administrative Requirements in 45 CFR 75) about program income, including the costs of generating income and how that income may be used. First, if your award (or approved budget)
Closing in on year-end — what you should do now
Your current federal Part C grants are winding down for the year. By September 29 you will have encumbered any remaining funds, or they will be absorbed back into the U.S. Treasury. (You won’t see them disappear from your account
Did you receive a PPP loan?
by John Heveron, Jr. Principal, Heveron and Company CPAs, Rochester NY If you received a Paycheck Protection Program (PPP) loan, your next objective is to apply for forgiveness. However, there are still several unanswered questions about forgiveness, so the wisdom
Breaking news
Updates to Uniform Guidance Issued On August 13, updates to the Uniform Guidance were published in the Federal Register. Generally these updates are effective November 12, 2020 with some limited exception for amendments that are effective immediately. One important area
How can CARES Act dollars to CILs be spent?
First a little background. What are the CARES Act Funds? The CIL CARES Act funding went to the federally funded (Part C) centers for direct response to the COVID-19 crisis among people with disabilities in their service area. They have