May 2020

HEROES Act 5/27/2020

More relief may be ahead through the HEROES Act. Things are still very much up in the air, though, and Henry & Peters, PC is keeping a close eye on facts for you. CPAs Thomas Neuhoff and Linda Cooper have an update on the status of that Health & Economic Recovery Omnibus Emergency Solutions (HEROES) …

HEROES Act 5/27/2020 Read More »

What now? 5/26/2020

What now? That’s the question on a lot of minds as we adapt to the ongoing impacts of COVID-19. Here at Henry & Peters, PC, we’re working to get answers to our community: CPAs Linda Cooper and Thomas Neuhoff have your latest update as we all get back in business. Take note of these tips …

What now? 5/26/2020 Read More »

May 14, 2020, is the revised deadline to repay PPP loans for borrowers who have chosen the SBA’s “good faith” self-certification of eligibility 5/11/2020

On April 23rd, the SBA updated its Frequently Asked Questions Document to add FAQ 31. The new FAQ provides much-needed clarity regarding program qualifications specific to businesses with access to other sources of liquidity to support their ongoing operations. Any business that received a PPP loan prior to the issuance of this new guidance and …

May 14, 2020, is the revised deadline to repay PPP loans for borrowers who have chosen the SBA’s “good faith” self-certification of eligibility 5/11/2020 Read More »

SBA issues new FAQ to address how the SBA will review borrowers’ good-faith certification concerning the necessity of their PPP loan. 5/13/2020

On May 13, 2020, the Small Business Administration (SBA) issued FAQ 46 to address questions related to borrowers’ good-faith certifications as the May 14th safe harbor repayment date approached. This FAQ should give clarity and comfort to those borrowers considering repayment due to the uncertainty surrounding the previous guidance and the potential for legal and …

SBA issues new FAQ to address how the SBA will review borrowers’ good-faith certification concerning the necessity of their PPP loan. 5/13/2020 Read More »

CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system 3/26/2020

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has …

CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system 3/26/2020 Read More »

Part Time Staff Associates

We are so pleased to announce that our interns. Abigail McCall and Taylor Peimbert, were recently offered positions with us beyond their internships and both have made the decision to remain with us as Staff Associates.   Melissa Garcia began her part-time employment as a Staff Associate in our Accounting Solutions department February 10th. Melissa graduated from UTT …

Part Time Staff Associates Read More »

New Senior Associate

Alex Broyles joined Henry & Peters May 4th as Senior Associate in our audit department. Alex moved from Richmond, Virginia, where he was employed in public accounting (audit) for the last three years. Alex is a graduate of Virginia Tech and holds a B.S. in Accounting Information Systems and a B.S. in Finance. 

The IRS clarifies the deductibility of PPP-funded expenses 5/12/2020

The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer …

The IRS clarifies the deductibility of PPP-funded expenses 5/12/2020 Read More »

Scroll to Top