CORONAVIRUS
Employee safety is No. 1 member concern Ensuring the health and safety of all employees is the No. 1 concern of VSCPA members, according to a May survey of the effects of COVID-19 on the CPA profession. Here are the top five issues keeping you up night:
INJECTING THE VIRGINIA ECONOMY
GO Virginia funds redirected To address the economic impact
of coronavirus on the Commonwealth, Gov. Ralph Northam restructured funding from the Growth and Opportunity for Virginia (GO Virginia) initiative to the new Economic Resilience and Recovery Program. The GO Virginia Board approved a policy to implement the Economic Resilience and Recovery Program with up to $14.66 million in GO Virginia funds. Each GO Virginia regional council may apply for up to $1 million to support strategic initiatives in response to the economic conditions caused by the pandemic. As of press time, four projects had already been approved through the program, including a rapid COVID-19 testing project in the New River Valley and Roanoke health districts and a drone test delivery project. Find more on GO Virginia at dhcd.virginia.gov/gova.
1. Employee health and safety 2. Maintaining work/life balance 3. Losing clients/revenue due to business closures 4. Handling stress related to personal situation and/ or family needs 5. Re-evaluating budget and business plans to ensure long-term stability The survey also revealed that 42 percent of CPA respondents have reduced staff at their physical offices, with most employees telecommuting. So, not surprisingly, members would like guidance for managing a remote workforce on a long-term basis. Other needs include receiving COVID-related accounting and financial reporting updates and guidance on how to advise clients. The VSCPA Coronavirus Resource Center at vscpa.com/coronavirus is continually updated with info and resources in these areas, as well as CPE opportunities.
CALCULATE LOAN FORGIVENESS A new tool from the American Institute of CPAs (AICPA) helps CPAs and small businesses calculate Paycheck Protection Program (PPP) loan forgiveness. The AICPA is updating the calculator as new information and guidance becomes available from the U.S. Small Business Administration and U.S. Treasury Department. You can find the calculator (an Excel download) and other resources in the PPP section of the VSCPA Coronavirus Resource Center at vscpa.com/coronavirus.
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DISCLOSURES
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JULY/AUGUST 2020
