Coronavirus (COVID-19)

More on the CARES Act

The CARES Act was signed into federal law on March 27, 2020, and provides emergency relief to workers, families, small businesses, and distressed industries.

• Small Business Owner's Guide
• CARES Act: Employee Retention Credit FAQs
• CARES Act Analysis - Journal of Accountacy
• Congress Approves Economic Relief Plan for Individuals and Businesses - Tax Foundation
  

Families First Coronavirus Response Act

This was signed into federal law on March 18, 2020, requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.

• Families First Coronavirus Response Act
  
  • Fact Sheet for Employees
  • Fact Sheet for Employers
  • FAQs
• Analysis of Act Signed into Law - Gallagher Affinity
  • Notice Requirement and Non-Enforcement Period
  • State Paid Leave and Disability Law
• Compliance Resources - Gallagher Affinity
  • COVID-19: Employee Checklist for Requesting Leave
  • FFCRA Leave and Employer Record Keeping Requirements
  • Small Employer Exemptions Under FFCRA
  • FFCRA Leave Comparison Chart 
• Common Errors to Avoid when Filing Form 7200
• IRS Releases Draft Form 7200 and Draft Instructions for IRS Form 7200
• IRS Guidance - Gallagher Affinity
• Paid Leave Synopsis of the FFCRA - NeoSystems 

Peer Review & Audits

• NEW! Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) 
  Effective Dates for Certain Entities
• Six-Month Delay Granted for Peer Reviews
• ASB delays effective dates of SASs No. 134–140
• Statement from FASB Chairman on Accounting Relief During Pandemic - FASB
  • Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic
• GASB Proposes to Postpone Effective Dates of Certain Pronouncements - GASB
• Coronavirus Impact on Peer Review - AICPA Peer Review Alert
• Financial Statement Audit Requirements and the Impact of COVID-19 - CPA Now
• Coronavirus (COVID-19) audit and accounting resources - AICPA
• Consequences of COVID-19 Financial Reporting Considerations - AICPA Center for Plain English Accounting
• OMB Provides Broad COVID-19 Single Audit Extension - AICPA’s Governmental Audit Quality Center (GAQC)
• Adjustments to Audit Inspections - PCAOB
• Accounting and Reporting Considerations - EY

Business Guidance

• Pa. Unemployment Compensation Resources
  • Pa. Adds 13 More Weeks of Regular Unemployment Compensation
  • The Pennsylvania Department of Labor and Industry Provides Update on Appeal Process for Certain UC Claimants
  • Portal Open: Pandemic Unemployment Assistance (PAU) for individuals not eligible for regular unemployment
  • Pandemic Unemployment Assistance (PUA) FAQs - Office of Unemployment Compensation
  • How to File an Initial Claim - Office of Unemployment Compensation
  • Check the Status of Your Application - Office of Unemployment Compensation
  • FAQs for Employers - Office of Unemployment Compensation
  • FAQs for Employees - Office of Unemployment Compensation
  U.S. Department of Labor Coronavirus Resources

• Business Loans
  • Department of Community & Economic Development: Wolf administration announces loan deferrals for businesses impacted by COVID-19
  • Three Loan Opportunities that Could Help Small Businesses Survive COVID-19 - Central Penn Business Journal
  • COVID-19 Working Capital Access Program - DCED
  • Emergency Loans - Small Business Guide and Checklist 
  • SBA Disaster Assistance
    • Guidance and Resources
    • Disaster Loan Assistance
• Fraud Prevention
  • How CPAs can fight fraud in the COVID-19 pandemic - Journal of Accountancy

• Charitable Organizations and Nonprofits

  • COVID-19 Resource Guide for Municipalities, Nonprofits & Community Organizations
  • Pa. Extends Renewal Dates for Charitable Organizations
  • Charities BCO-10 Online System 

Closure of Nonessential Businesses

• Pa. Dept. of Health Guidance for Essential Businesses
• Non-Life-Sustaining Physical Locations of Businesses Ordered to Close in Pennsylvania
  • Enforcement went into effect at 8:00 a.m. on March 23, 2020
  • List of life-sustaining businesses
    • Accounting, tax preparation, bookkeeping, and payroll services may remain open.
    • These functions within a company or organization may also remain open.
    • FAQs
• COVID-19 State CPA Profession and Licensure Status
• Gov. Wolf Extends Pa. School Closure through Remainder of Academic Year
• Gov. Wolf: Health Sec. Signs Order Providing Building Safety Measures to Combat COVID-19