All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your Brady Martz advisor for the latest information.

SBA Announces Changes to COVID-19 EIDL Loans


The U.S. Small Business Administration (SBA) recently announced a major update to the COVID-19 Economic Injury Disaster Loan (EIDL) program.

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American Rescue Plan Act


After a day of fraught debate, the American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6.

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Biden Administration takes steps to promote equitable access to SBA relief


On Monday, February 22, President Biden announced the following changes to SBA’s coronavirus relief programs to ensure equity.

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New Paycheck Protection Program Guidance Released


On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. Read More »

President Enacts Additional Stimulus Legislation


On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. Read More »

IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility


On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP).  Author Sally Schreiber breaks down the contents and significance of the two releases in an article from the Journal of Accountancy. Read More »

North Dakota Loan Relief Programs to Assist Business With Recovery from COVID-19 UPDATE


The Bank of North Dakota (BND) provides financing programs to assist North Dakota businesses in obtaining long-term, low-interest loans to assist in the state’s economic recovery from the COVID-19 pandemic. The loan programs will help both small and large businesses to secure working capital and replenish inventory. The BND recently added the CPR II Program below to assist with payment of interest expense. See details below and fact sheet links. Read More »

Guidance Issued on Deferral of Employee Social Security Taxes


On August 28, 2020, additional guidance from the Department of Treasury and the Internal Revenue Service regarding the President’s Executive Order on the employee deferral of Social Security tax for 9/1/20 through 12/31/20 was issued. Read More »

Trump Signs Welcome Relief Legislation for Nonprofits


On August 3rd, President Trump signed the Protecting Nonprofits from Catastrophic Cash Flow Strain Act (“the Act”) into law. In a recent article from Accounting Today, author Michael Cohn describes the details of this new legislation. Read More »

Should we continue to withhold Payroll Tax on employees?


On August 8, 2020, President Trump signed a Memorandum directing the Secretary of the Treasury to issue guidance allowing for the deferral of payroll taxes from employee’s paychecks. Because the memo essentially instructs the IRS to issue guidance, there are more questions than answers at this point. Read More »

Presidential Memos Address Coronavirus Issues


Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating. Read More »

SBA Issues 23 New PPP FAQs


On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the SBA added 23 new questions to their PPP FAQ page. Read More »

IRS Publishes New Release Regarding Business Interest Expense Limitations


The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Read More »

CARES Act Provider Relief Fund Now Available for Dentists


The Provider Relief Funds supports American families, workers, and the heroic healthcare providers in the battle against the COVID-19 outbreak. HHS is distributing $175 billion to hospitals and healthcare providers on the front lines of the coronavirus response. Dentists did not originally qualify in this group. The ADA and AAO (American Association of Orthodontists) lobbied for these funds to be available for dental practices, and on July 10, were approved to apply. Read More »

Economic Resiliency Grant Now Available


The North Dakota Department of Commerce have made the Economic Resiliency Grant available to private companies operating in North Dakota for costs associated with improvements to their businesses for the purpose of reducing the spread of infection, and instilling consumer confidence in the marketplace. Read More »

PPP Gets Five-Week Extension


On Wednesday, July 1, the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. Read More »

SBA PPP Guidance Update—June 25-26, 2020


Late last week, the United States Small Business Administration (SBA) released yet another round of guidance updates regarding the Paycheck Protection Program (PPP). The areas covered by this latest release are maturity dates and loan amounts. A recent article from the Journal of Accountancy offers a brief overview of the guidance update. Read More »

SBA Releases Guidance Regarding Early PPP Loan Forgiveness


On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. Read More »

Senate Passes Paycheck Protection Flexibility Act


On Wednesday night, the Senate voted unanimously in favor of the House’s Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Read More »

New Guidance Regarding PPP Loan Forgiveness


On May 22, the Small Business Administration (SBA), in conjunction with the U.S. Treasury, released additional guidance for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy examines the details of the new release. Read More »

SBA Releases Loan Forgiveness Rules


On Friday , May 15, the SBA and Treasury Department announced important information regarding the forgiveness rules and calculations for loans under the Payroll Protection Program (PPP). This information answered a number of questions that remained around the forgiveness process, and provided a roadmap for calculating these amounts. Read More »

SBA Releases Application for PPP Loan Forgiveness


On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. Read More »

SBA Allows Partnerships/Seasonal Employers Opportunity for Increased PPP Loans


The Small Business Administration issued a new interim final rule related to partnerships and seasonal employers allowing these businesses to submit an additional request for more Paycheck Protection Program (PPP) funding. This interim final rule addresses situations where businesses may have submitted their loan applications to their lenders prior to the issuance of the April 14 interim final rule related to calculation of PPP funding for partners in a partnership. Read More »

New SBA Guidance Regarding Paycheck Protection Program


On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question (#46) to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” Read More »

IRS temporarily increases employer flexibility for employee benefits for 2020


On May 12, 2020 the IRS issued Notice 2020-29 which provides relief for employers with Flexible Spending Arrangements.  There were specifically two areas where flexibility was increased by the IRS.  The first was permitting employer cafeteria plans to be amended to allow employees to make mid-year changes to employer sponsored health coverage, health Flex Spending Arrangements (FSA’s), as well as dependent care assistance programs (Daycare Flexing) during the calendar year 2020.  This amendment period is at the employer’s discretion. Read More »

Updated PPP Certification Information – Treasury FAQ’s and Audits


The PPP loan program is one of the most talked about tools available for small businesses in this unprecedented time. The program was designed to give small businesses access to a highly forgivable loan to help keep employees on the payroll. In what appears to be in response to large well-known companies being under scrutiny for accepting PPP dollars, the SBA and Treasury updated their Frequently Asked Questions and unfortunately in doing so added more uncertainty around the qualifications for the program. Read More »

North Dakota Loan Relief Programs to Assist Businesses With Recovery From COVID-19


The North Dakota Industrial Commission on April 24, 2020 authorized the Bank of North Dakota (BND) to provide two financing programs to assist North Dakota businesses in obtaining long-term, low-interest loans to assist in the state’s economic recovery from the COVID-19 pandemic. The loan programs will help both small and large businesses to secure working capital and replenish inventory. The programs will be effective Wednesday, April 29, 2020. Read More »

CARES Act Provider Relief Fund


CARES Act provider relief funding has occurred over the past two weeks through the U.S. Department of Health and Human Services. Read More »

Summary of AICPA Questions Submitted to OMB on COVID-19 Matters


The AICPA Governmental Audit Quality Center (GAQC) released new information regarding the future impact on single audits… Read More »

PPP Guidance for Schedule C Self-Employed IndividualsCARES Act FAQ: Recovery Rebate


The U.S. Department of Treasury recently released guidance regarding the PPP loan eligibility and forgiveness provisions for those with Schedule C income. Read More »

CARES Act FAQ: Recovery Rebate


On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes an estimated $300 billion in direct payments to eligible American taxpayers. We address some of the common questions regarding this particular initiative. If you cannot find the answer to your question, we encourage you to visit the IRS website for the most up-to-date information. Read More »

What Lenders Need to Know About the Paycheck Protection Program


The Interim Final Rule, together with the supplemental guidance on the SBA and Treasury Department websites, provide additional detail as to the implementation and procedural requirements of the Paycheck Protection Program. The Interim Final Rule provides the following additional information on the statutory requirements. Read More »

IRS Extends More Tax Deadlines, Provides Guidance and Additional Relief


The IRS issued Notice 2020-23 today, April 9, 2020, expanded relief to additional returns, tax payments and deadlines. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due. Read More »

Financial Institutions Using CARES Act Deferrals Won’t Violate GAAP


In a new article from the Journal of Accountancy, author Ken Tysiac states, “Eligible financial institutions will not be in violation of GAAP if they take advantage of the deferrals or suspensions of two FASB standards as permitted in the new federal coronavirus relief law, SEC Chief Accountant Sagar Teotia said Friday in a statement issued by the commission.” Read More »

Additional Guidance on Paycheck Protection Program Loans


On April 6, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided additional guidance in the form of Frequently Asked Questions (FAQs) to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP). The SBA has indicated this document will be updated on a regular basis. Read More »

Financial Planning During Times of Crisis


The current market situation is an example of why we stress financial planning as the cornerstone of any investment decision, retirement planning, business transition strategies, etc. Studies show trying to time the market is nearly impossible and leads to substantially lower long-term returns than remaining in the market. In the short term, we can point to certain ideas and strategies you may be able to take advantage of depending on your situation. Read More »

Coronavirus: Financial Reporting Considerations


The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting. Read More »

Paycheck Protection Loan Process Update


Earlier today, the Treasury Department and Small Business Administration (SBA) released additional information around the CARES Act and specifically the Payroll Protection Program. The CARES coronavirus relief package created a nearly $350 billion program under which businesses with 500 or fewer employees can receive loans to maintain employment and pay payroll and other costs. The loans are designed to have a portion forgiven (without paying tax on the forgiven portion) if the funds are used to cover payroll costs and some other specific operating expenses in the eight weeks following loan origination. Read More »

Recent Extensions Related to COVID-19


USDA Office of Rural Development (RD) has issued a number of immediate actions to help rural residents, businesses and communities impacted by COVID-19. Extensions are currently available for as follows: 60-day audit extension is provided for electric and telecommunication borrowers and grantees and Section 515 annual financial statements due to RD on March 31, 2020 will be extended 30 days. This announcement also includes other waivers and extensions in various areas including tenant certifications, late fees on mortgages, and more. Read More »

30 Day Extension for HUD Submissions


The U.S. Department of Housing and Urban Development (HUD) has issued audit submission deadline extensions and other waivers for audits of certain for-profit entities under the HUD Consolidated Audit Guide. Read More »

COVID-19 Financial Institution Updates


On March 22, 2020 Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, was released. The statement was released in an effort to understand the process, effects, and reporting of loan modifications impacted by COVID-19. While likely there will be additional guidance and clarification (as the regulatory world seems to have daily updates!), listed below is a summary and our initials thoughts of the guidance released. Read More »

Insurance Company Provides Additional Guidance


Please visit this page for recent news releases from BCBS. Read More »

CARES Act – What Employers Need to Know


The Coronavirus Aid, Relief and Economic Security Act (CARES) is now in place and provides some major relief for employers. Below is a summary of portions of the act that specifically benefit employers through loan programs and tax credits, and more specific information on the provisions which impact employers the most are outlined in the video presentation available on this page. Read More »

Commentary on the CARES Act


There is quite a Pangea of tax items contained in the CARES Bill recently signed into law by President Trump. There are basically four common motivations behind these items: incentivizing employers to retain and continue to pay employees, providing stimulus for the economy by reducing current tax burden, giving individuals, employers, and businesses access to cash in the form of refunds and rebates, and most entertainingly curing Congress’s various drafting mistakes from the Tax Cuts and Jobs Act that have been plaguing the tax system dating back to the 2018 filing season. Of course, the final item depends on a person’s standards for entertainment. Read More »

Tax Summary of the CARES Act


Please visit this page for a brief summary of the tax implications related to the CARES act. Read More »

Clarification for Effective Date April 1, 2020 – Families First Coronavirus Response Act


IRS Notice 2020-21 provides that the tax credits for qualified sick leave wages and qualified family leave wages required to be paid by the Families First Coronavirus Response Act will apply to wages paid for the period beginning on April 1, 2020, and ending on December 31, 2020. This notice also provides that days occurring during the period beginning on April 1, 2020, and ending on December 31, 2020, will be taken into account for credits for qualified sick leave equivalent amounts and qualified family leave equivalent amounts for certain self-employed individuals.

The CARES Act SBA Provisions


The Coronavirus Aid, Relief and Economic Security Act (CARES) is an extensive stimulus package. This article will focus on the Paycheck Protection Program (PPP)(CARES Section 1102), the loan forgiveness on PPP loans (CARES Section 1106), expanded eligibility for Economic Injury Disaster Loans (EIDL) loans and the EIDL grant program (CARES Section 1110), and the subsidy for existing U.S. Small Business Administration (SBA) loans (CARES Section 1112). Read More »

States Extend Deadlines


As of March 25, 2020, North Dakota, Minnesota and Montana have provided relief to file returns and make payments by July 15, 2020 for 2019 returns originally due April 15, 2020, without assessing penalties and interest. Read More »

Families First Coronavirus Response Act: Questions and Answers


Here is updated questions and answers related to the Families First Coronavirus Response Act. As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA. Read More »

Department of Labor FFCRA Poster Available Here

Tips for Filing a Business Interruption Insurance Claim


One potential resource for your business during this time of disruption is business interruption insurance. Also known as business income coverage, business interruption insurance is a standard endorsement that is often added to a business owner’s insurance policy. It is designed to protect businesses from lost revenue due to a covered event. Most commonly, this coverage is tied to losses of business income due to physical property damage, but each individual policy will list the specific types of events that are covered, as well as those that are excluded. Read More »

Key Takeaways from the Families First Coronavirus Response Act


There are essentially three scenarios that trigger the required sick pay to employees and the resulting credit to employers. Read More »

How Will COVID-19 Impact Your Cash Flow?


Due to the unprecedented challenges and uncertainty caused by the coronavirus (COVID-19), we are aware business owners and organizational leaders are facing hard decisions and extraordinary stress. These challenges and uncertainties will have significant impact on your business’ cash flow and operations. Read More »

Superseded Extended Income Tax Payment and Filing Relief due to COVID-19


On March 20, 2020, the IRS released Notice 2020-18. This notice officially provides relief to taxpayers during the COVID-19 pandemic by extending the original April 15, 2020, income tax payment deadline to July 15, 2020.

IRS Q&A for Filing and Payment Deadlines

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North Dakota and Minnesota Small Businesses Now Eligible for SBA Disaster Loans


The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been particularly hard hit. Online applications for these loans are open to Minnesota and North Dakota businesses. Read More »

North Dakota Unemployment Update


Per executive order signed March 20, 2020, employer’s will not be assessed for COVID-19 related claims and business owners that pay into the unemployment system may qualify for unemployment without regard to income reduction requirements. Read More »

Summary and Q&A of Tax Implications of Coronavirus Bill


Here is a quick rundown regarding the tax implications of the Coronavirus bill. This Bill addresses the Phase I and Phase II provisions – it is anticipated that Phase III will address the stimulus payments being mentioned in the media. Read More »

Work Continues with New Procedures In Place


We would like to share an update on how Brady Martz is responding to the rapidly changing environment caused by coronavirus (COVID-19). At Brady Martz, we feel well prepared to maintain our services, but we acknowledge there will be adjustments needed along the way. Read More »

Extended Income Tax Payment Relief due to COVID-19


On March 18, 2020, the IRS released Notice 2020-17. This notice officially provides relief to taxpayers during the COVID-19 pandemic by extending the original April 15, 2020 income tax payment deadline to July 15, 2020. Read More »

Congress passes the Families First Coronavirus Response Act


President Trump signed the Families First Coronavirus Response Act (the Act) late on March 18, 2020, soon after the Senate passed the amended House bill sent to the Senate on March 17, 2020. Read More »

Tax Payment Deadline Delayed by 90 Days


There has been much speculation surrounding the impact of the Coronavirus (COVID-19) pandemic on the U.S. tax filing deadline. At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately. Read More »

An Update Regarding Coronavirus (COVID-19)

At Brady Martz, the health and safety of our employees, their families, and our clients is of paramount importance. For this reason, we are taking specific precautions to protect our staff and visitors during the current outbreak of Coronavirus. Read More »