On March 19, 2021, the U.S. Department of Education (ED) released long awaited guidance on the uses of the Higher Education Emergency Relief Funding (HEERF) grants included in the various coronavirus relief legislation passed over the previous year: the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which created the…
If you had any personal New Year’s resolutions a year ago, it’s possible you tossed them out the window not all that long into a 2020 that veered wildly off-course. We can’t blame you for it, but from an institutional standpoint, it’s important to stay on track during a challenging…
Just in time for the holidays, Congress passed a new $900 billion stimulus bill in response to the ongoing COVID-19 pandemic. Of particular note is the $284 billion set aside for a second round of funding for the popular Paycheck Protection Program (PPP), which provided forgivable Small Business Administration (SBA)…
This year’s Paycheck Protection Program (PPP) was a life preserver for many companies and for-profit organizations, as well as their employees, as the COVID-19 pandemic ramped up and businesses were forced to close. But there are some potential tax considerations for business owners and pass-through entities regarding the loan program…
No tricks, a major deadline looms for postsecondary educational institutions just before Halloween. The first round of quarterly reporting for the institutional portion of the Higher Education Emergency Relief (HEERF) Grant is due October 30, meaning institutions cannot delay in preparing and posting their reports. Check out this rundown concerning…
This article was original published in the September 2020 issue of Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. As the COVID-19 pandemic and a difficult 2020 continues, postsecondary institutions have to make significant decisions concerning the emergency aid that helped them through the spring…
The FASB Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, is now effective for fiscal years ending June 30, 2020. Affected organizations must fully understand the update, including some potential challenges created by it. While the…
The Aug. 8 deadline to submit a Paycheck Protection Program (PPP) loan application has come and gone, making this a good time for an update on where the program stands. As borrowers begin to focus on the forgiveness process, they should pay particular attention to the following items: On Aug….