In an effort to provide the most accurate information, please check back regularly as we will only post information below that has been passed into law.  We will produce these resources as soon as possible.

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Covid-19 News:

American Rescue Plan Act

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.  The guidance can be found for IR-2020-195 can be found here  https://www.irs.gov/pub/irs-drop/n-20-65.pdf The brief update stated that relief from the […]

SBA Issues 23 New PPP FAQs

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 […]

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. To clarify, this is a grant, and not a loan. Grants will be awarded […]

COVID 19 Tax and Other Relief Provisions for Financial Institutions

Community Bank Leverage Ratio The office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies) have approved an interim final rule as of April 6, 2020 that makes temporary changes to the community bank leverage ratio framework […]

Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program (PPP)

While much attention has been given to the PPP loan program, including the effects on the lenders, many borrowers have posed questions on how to record the loan and related forgiveness.  The Financial Accounting Standards Board has provided some clarity on the issue to help borrowers record and report the transaction appropriately.  Borrowers with financial […]

New Regulatory Reporting Changes for Financial Institutions: June 2020

New Data for June 2020 New to June 2020 call reports will be data surrounding the Federal Reserve Lending Facilities, the Paycheck Protection Program (PPP), and loan modifications under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Loan Modifications Items added include the number of loans with modifications under Section 4013 of the […]

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.  With around $129 billion of loan funds still available through […]

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. The additional guidance […]

Senate Passes Paycheck Protection Flexibility Act

  Senate Passes Paycheck Protection Flexibility Act

New Guidance Regarding PPP Loan Forgiveness

SBA Releases Loan Forgiveness Rules

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. Providers who received funding need to complete the attestation within 30 days of receipt. For more information please click here.

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 from the Novel Coronavirus (COVID-19) outbreak and the subsequent passage of the Coronavirus…

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. Below, we address some of the common questions regarding this particular initiative. If you cannot find the answer to your question, we […]

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 […]

Additional Guidance on Paycheck Protection Program (PPP) Loans

This information is accurate as of April 6, 2020. 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 […]

Financial Planning During Times of Crisis

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.

Insurance Company Provides Additional Guidance

Additional resources and information can be found here. Also, here are some recent news releases from BCBS.

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.

Tips for Filing a Business Interruption Insurance Claim

As businesses seek to cope with the impact of coronavirus (COVID-19), Brady Martz is here to help. One potential resource for your business during this time of disruption is business interruption insurance.

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:

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. 

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.

North Dakota Unemployment Update

The North Dakota Job Service has posted an updated frequently asked questions.

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.

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.

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.

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). 

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.

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.