Financial Accounting Resources & News
Our expert team keeps up on the latest filings from the SEC, FINRA, and the IRS to ensure our clients can efficiently minimize costs and risks while simultaneously maximizing reporting accuracy.
Our expert team keeps up on the latest filings from the SEC, FINRA, and the IRS to ensure our clients can efficiently minimize costs and risks while simultaneously maximizing reporting accuracy.
The government continues to address the concerns of small businesses who have borrowed money through the SBA-backed Paycheck Protection Program (PPP).
New guidance released over the holiday weekend offered more clarity about the conditions for loan forgiveness, while the U.S. House of Representatives yesterday passed a bill to provide more flexibility for borrowers.
This week the SBA eased PPP loan concerns through much-needed guidance. The SBA stated it would trust borrowers of less than $2 million if they stated that they needed the funding as a result of the “current economic uncertainty.”
All ACI clients who applied for a PPP loan were below the $2 million threshold, so this should mitigate the immediate concern about the potential for an SBA audit on the horizon.
The SBA-backed Paycheck Protection Program (PPP) reopened on April 27, 2020 with $320 billion in additional funding.
More than 75% of ACI’s clients who have applied under PPP have obtained official SBA loan numbers this past week.
FINRA Notice 15-43
/in Regulatory Updates/by Jay GettenbergSummary Effective Date: November 3, 2015 As required by Regulation Systems Compliance and Integrity (Regulation SCI), FINRA has adopted new Rule 4380 related to mandatory member firm participation in business continuity and disaster recovery (BC/DR) testing.1 The new rule authorizes FINRA to designate firms that must participate in FINRA’s BC/DR testing under Regulation SCI, which […]
FINRA Notice 14-45
/in Regulatory Updates/by Jay Gettenberg