CARES Act offers new hope for cash-strapped nonprofits

Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under the CARES Act. Paycheck Protection Program… Read more »

Beware: Coronavirus may affect financial reporting

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but… Read more »

Fake COVID-19 treatments and other new fraud schemes

Like the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the… Read more »

The CARES Act Employee Retention Tax Credit

Answers to Questions about the CARES Act Employee Retention Tax Credit The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with… Read more »

Paycheck Protection Program Application

[ updated April 9, 2020 | 8:35am ] The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. As a reminder, funds from this program: Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments; Are 100% forgivable… Read more »

Security Implications and Resources for Enabling Your Remote Team

We are more than two weeks into the “new normal” created by COVID-19. An unprecedented number of employees have been sent home to work and the immediate goal has been enabling the workforce to be productive, responding to Human Resource challenges like paid time off and child care, and protecting revenue streams by adjusting operations…. Read more »

Not-For-Profits | COVID-19 CONSIDERATIONS

[ Updated April 6, 2020 | 11:00am ] We are experiencing an unprecedented time: exponential growth of Covid-19 (Coronavirus) cases, social distancing, and growing unemployment. As the United States economy and daily life is being reshaped by COVID-19, maintaining “normal” organizational functions during these times is a challenge. At YHB we work with not-for-profit organizations across… Read more »

SBA Guidance and Loan Resources

[ updated March 27, 2020 | 11:30am ] The U.S. Small Business Administration (SBA) has released several resources to assist small businesses impacted by the COVID-19 including low-interest disaster loans. We will update this page as health and government officials continue to release new funding, grants and resources. Contact us with any specific questions and… Read more »

Senate Passes CARES Act

[ Updated April 3, 2020 | 2:13pm ] Small Business Owner’s Guide The U.S. Senate Committee on Small Business and Entrepreneurship recently published a PDF that provides some fairly detailed answers to most organizations questions. Particularly, the document addresses the following areas: Using capital to cover the cost of retaining employees through Paycheck Protection Program… Read more »

Construction Industry | COVID-19 CONSIDERATIONS

[ Updated April 3, 2020 |3:30pm ] At YHB we work with clients in the Construction Industry across the region, of all shapes and sizes. Over the past few days we have been in touch with many of our clients as we work together to lead through this pandemic. Below we have included some ideas… Read more »