Businesses continue to be impacted by the challenged economic recovery from the pandemic. Whether you’re looking for guidance regarding relief funds, looking for help with the Employee Retention Credit or assistance with other pandemic related concerns, working with a trusted advisor will help your business thrive.
Tough times always come,
but they don’t have to stay.
Pandemic Relief Advisory Services
How We’re Working with Clients
Paycheck Protection Program Loan Forgiveness Assistance
Qualifying for PPP loan forgiveness is not always straightforward. We can help you select the right forgiveness application for your business, document the necessity of your loan, and create a strategy to maximize forgiveness and fully leverage other credits and incentives.
Employee Retention Credit
PPP borrowers are now eligible to obtain the Employee Retention Credit (ERC). However, only wages and health benefits that were NOT covered by a forgiven PPP Loan or other tax credit programs are eligible. We can help you create an overarching strategy that ensures you receive the maximum amount of money for your business.
Not all CPA firms are qualified to perform single audits; LGA has the experience and understanding to guide your business through this compliance intensive requirement. If you would like to request a consultation to explore if we can be of service to you in assessing and addressing your Single Audit needs, please call us today.
Does My Organization Need a Single Audit?
Recipients of federal awards that expend $750,000 or more in federal funds within one year must file a Single Audit Financial Statement. Recipients typically include non-profit organizations, science research companies, universities and government entities, however due to the issuance of government sponsored COVID relief programs such as the EIDL, Restaurant Revitalization Fund, Shuttered Venue Grants, etc., many for profit entities receiving these funds will find themselves requiring a Single Audit for the first time (note that funds received under the PPP are not included for purposes of determining the Single Audit requirement).
A Single Audit is a higher level of assurance than a traditional audit, with more testing related to internal controls and use of funds. It is intended to provide the Federal Government with the assurance that a non-federal entity has adequate internal controls and is in compliance with their program requirements. If your organization has received these funds and may be subject to the Single Audit requirements, it is imperative to be proactive in addressing this requirement. Most organizations who have not previously been subject to the Single Audit requirements lack the internal controls that are required to be tested under the audit.
Is My Company Eligible For The Employee Retention Credit?
This often overlooked credit provides a potential maximum benefit of $5,000 per employee in 2020 and $28,000 per employee in 2021 if your business is eligible based upon reductions in gross receipts or limitations on operations by COVID-19 related health restrictions. This has proven to be a significant unanticipated benefit for many businesses, so if you haven’t already assessed your eligibility, you can get started by requesting our Employee Retention Credit Tree.
Complete the form below and let us know how we can assist.
Pandemic Relief Advisory Services Team Leader
Matt Touma, CPA, MSA – PARTNER, MANAGING DIRECTOR OF AUDIT AND ASSURANCE