Effects of COVID-19

The effects of COVID-19 are far reaching and have caused unprecedented change.

Businesses and organizations face economic and operational uncertainty across every industry and sector. Now more than ever is the time to understand compliance, adjust expectations, renew focus and reposition in the wake of the next normal.

Organizations are searching for information as they make the next critical choice. Eide Bailly has developed resources to help you make sense of the effects of COVID-19 on your business or organization. Let us help you take the next step forward. Click each of the links below to learn more.


Relief Initiatives

Relief provisions have come in all forms. From tax credits to forgivable loans and funding to those directly impacted by the effects of COVID-19, there’s much to consider. At the forefront of the relief provisions conversation is which to choose for your organization and then how to comply with the stipulations of the provision.

One of the most popular pieces of relief legislation is the Paycheck Protection Program. Designed to help small businesses keep employees on the payroll during this critical time, it also carries important criteria related to loan forgiveness.

Get help maximizing loan forgiveness under the Paycheck Protection Program

A lot of relief legislation has come out of Congress since the start of the COVID-19 pandemic. We’ve compiled the key takeaways from all of them.
April 28, 2020
Article
As loans are funded under the Paycheck Protection Program, many organizations are making plans to move forward. However, there are still important planning considerations all borrowers should focus on. These additional items will help you maximize …
June 23, 2020
Article
Economic Injury Disaster Loan assistance hasn’t gained the same level of attention as the Paycheck Protection Program in COVID-19 relief, but it does have some attractive traits for certain organizations.

There are many considerations when it comes to the different relief provisions. Learn more about how they all compare.


Business Implications

Business leaders are facing a time of great change and reinvention. The impacts of COVID-19 have touched nearly every facet of an organization, from payroll to auditing standards to how organizations conduct day-to-day operations.

April 1, 2020
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We’ve put together a series of resources to help make sense of the evolving impacts of COVID-19 on businesses. These are the most pertinent topics to arise—and our guidance for each.
May 13, 2020
Article
Many of the COVID-19 relief provisions have elements that impact your organization’s payroll. Here’s what you need to know to ensure accurate payroll records and proper documentation.
May 20, 2020
Article
What business lessons can we learn from the pandemic? Here are five critical considerations as leaders look toward the next normal.

Personal Implications

The effects of COVID-19 have impacted individuals. Tax planning and filing has been delayed, stimulus checks are issued and financial plans are altered. Individuals must alter tax planning and success strategies and take a more critical look to the future.

April 20, 2020
Article
As coronavirus continues to spread, many individuals and businesses are seeking administrative and financial relief from state and local taxing authorities. State legislatures, governors, and tax agencies are scrambling to provide guidance related …
Operations at the IRS have been impacted by COVID-19, too. Here’s what’s changed.
The latest on changes to your tax planning and filing obligations.

Remote Work Considerations

Almost overnight, many organizations shut their doors and turned remote to conduct business. While much can be learned from the efficiencies and outcomes of remote work, there’s a significant amount of risk. Quick decisions have led to cyber and business security threats, as well as an increased need for compliance. Remote working may be the new normal for the foreseeable future, so there’s much to consider to get it right.

May 27, 2020
Article
The pandemic caused many businesses to jump into remote working arrangements, ready or not. As these arrangements continue and potentially become permanent, there are several factors to consider to keep your business safe and productive.
April 9, 2020
Article
As the coronavirus pandemic impacts the way we do business, many organizations are making plans to address the safety and security of both their employees and their customers. One of these methods is through remote working arrangements.
March 13, 2020
Article
As COVID-19 continues its spread around the world, impacting global economies and stock markets, cybercriminals are starting to use the situation to their advantage. Read on for our team's email safety, cybersecurity, and remote environment tips so …

Industry Implications

While the effects of COVID-19 are far reaching, how they impact each industry is unique. Manufacturers are grappling with supply chain issues. Financial institutions are trying to make sense of relief provision funding in the wake of continually released guidance. Healthcare organizations are simultaneously grappling with a decrease in budgets and an increase in patients as they stand on the front lines of the pandemic.

We’ve created the following industry resources to help you move forward with the impact of COVID-19 on your given industry.

Financial Institutions

April 15, 2020
Article
Relief efforts and further guidance continue to be released in the wake of the COVID-19 pandemic. But how do these relief provisions actually impact community banks?
April 9, 2020
Article
For SEC financial institution reporting companies, there is a lot of guidance to follow related to COVID-19 and their first quarter Form 10-Q. We breakdown what you need to know.
May 7, 2020
Recorded Webinar
The Keeping American Workers Paid and Employed Act, more commonly referred to as the Paycheck Protection Program (PPP) is administered by you – the SBA PPP Lender. The next step to prepare for phase two of the PPP is loan forgiveness for your PPP …

Government

April 20, 2020
Article
The COVID-19 pandemic is officially a black swan event for state and local governments. Here’s a look at how to navigate this landscape with advice for next steps and planning.
March 27, 2020
Article
The Governmental Accounting Standards Board (GASB) began a project to tentatively delay current and pending standards by up to one year, subject to due process. An exposure draft is slated for release within the next few weeks with a short comment …
May 18, 2020
Article
There are many questions surrounding what the next steps are for state and local governments related to COVID-19. Here are some common questions and answers related to compliance, relief and other items impacting governments.

Healthcare

April 13, 2020
Article
COVID-19 relief for healthcare organizations is becoming available, but there is a lot to sort through. Here are key provisions from the many pieces of legislation and regulation.
April 28, 2020
Article
There is no specific accounting guidance on how to record government assistance such as grants or loan forgiveness for organizations taking advantage of the PPP, but there is some general guidance available. Here are some common questions and …
April 24, 2020
Article
The Department of Health and Human Services (HHS) continues to provide information on the $100 billion Provider Relief Fund. This week, HHS provided clarifications on additional distributions from the fund.

Higher Education

May 12, 2020
Article
The Department of Education (DOE) has released reporting guidelines for those institutions who have received the student portion of their Higher Education Emergency Relief Fund (HEERF). Here are the steps you need to take.
April 20, 2020
Article
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a huge piece of legislation designed to relief related to the COVID-19 pandemic, and that includes provisions for higher education institutions. Here is a breakdown of the most …
April 20, 2020
Article
There is much to consider right now when it comes to remote working arrangements, school closures and compliance for higher education institutions. Here are some common questions we’ve received surrounding how to continue operations in the wake of …

Manufacturing & Distribution

April 29, 2020
Article
With the current COVID-19 pandemic, using technology to fortify your company against drastic market swings while helping capitalize on market opportunities can make a significant difference as you move forward. Here are some trends to consider.
April 13, 2020
Article
Take a look at the challenges arising from the global COVID-19 pandemic for manufacturers, the current and potential costs, and steps manufacturers can take to mitigate the impacts on business.

Nonprofit

April 28, 2020
Article
As loans are funded under the Paycheck Protection Program, many organizations are making plans to move forward. However, there are still important planning considerations all borrowers should focus on. These additional items will help you maximize …
April 3, 2020
Article
Nonprofits can benefit from the recent stimulus package passed by Congress. Here are answers to some of the more common question about these relief programs.
March 25, 2020
Article
Many nonprofit organizations are finding themselves sifting through daily updates on the evolving coronavirus pandemic and wondering—does this apply to me?

TOOLS & RESOURCES

Sometimes you just need help making sense of it all. We’ve developed a variety of tools and resources to help answer some of the key questions we’re receiving related to the impacts of COVID-19, relief provisions and more.


Have questions about the organizational and individual impacts of COVID-19?
We know this is a confusing and complex time. As you prepare to navigate the next normal, make sure you have a trusted advisor by your side. We’re here to help you move forward.