COVID-19 Updates and Resources for KSCPA Members

  • April 6, 2020
  • Source: KSCPA

KSCPA Updates

SBA UPDATES FIRST PPP INTERIM FINAL RULE FOLLOWING PPP FLEXIBILITY ACT a KSCPA Ignite Blog (June 17, 2020)

EMERGING ISSUES RELATED TO COVID-19 a KSCPA Legislative Update (4/2/2020)

NEW RULES FOR FMLA AND SICK LEAVE a KSCPA Virtual Expert Forum Q&A (3/30/2020)

SUMMARY OF CARES ACT PROVISIONS a KSCPA Ignite Blog (4/1/2020)

CAUTION – HELPING CLIENTS WITH SBA LOAN APPLICATIONS a KSCPA Exchange Post (3/24/2020)

For information regarding upcoming CPE and virtual learning, visit https://www.kscpa.org/learning

Kansas Updates

Notice 20-02 Waiver of Penalty and Interest for Estimated Tax Payments for Individual and Corporate Income Taxes and Privilege Tax (KDOR)

Notice 20-01  Changes to Filing and Payment Due Dates for Homestead or Property Tax Relief Refund Claims and Individual, Fiduciary and Corporate Income Tax, and Privilege Tax (KDOR)

For the latest information on Coronavirus (COVID-19), go to https://govstatus.egov.com/coronavirus

National/Federal Updates

For the latest information from the IRS to help taxpayers, businesses and others affected by the coronavirus go to https://www.irs.gov/coronavirus.

STATE BY STATE TAX FILING RELIEF GUIDANCE (Source: AICPA)

CARES ACT: Paycheck Protection Program (PPP) Resources (4/2/2020)

Program Highlights. The PPP is a loan designed to provide a direct incentive for small businesses (including sole proprietorships, independent contractors and self-employed persons), to keep their workers on the payroll. 

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. It is basically a grant for small businesses. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees

Where to apply. Starting April 3, small business and sole proprietorships can apply through any existing Small Business Administration (SBA) 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.  Independent contractors and self-employed individuals can start applying on April 10.

The Paycheck Protection Program Flexibility Act of 2020, enacted June 5, 2020, provides borrowers flexibility in their PPP loan. New options include a 24-week covered period, payroll expenditure requirement reduced to 60%, and, for those loans not forgiven, a repayment plan of 5 years.

Additional Resources

  • Engagement Letter Templates - PPP Loan Forgiveness Assistance
    CAMICO, KSCPA’s exclusively endorsed provider of professional liability and employment practices liability insurance, encourages firms who are assisting clients with PPP loan forgiveness to have an engagement letter in place that outlines the scope and limitations of the services being provided, as well as the client’s responsibilities under the terms of the engagement. CAMICO has developed the following two engagement letter templates for this purpose:
    Consulting Services: Assistance with PPP Loan Forgiveness
    Agreed-Upon Procedures: PPP Loan Forgiveness Calculations
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