COVID-19 Resource Center

COVID-19 is affecting us all. PKF O’Connor Davies is committed to supporting our staff, clients and the community in grappling with the effects of this global pandemic. Below you’ll find information and resources that may help you make sound, fact-based decisions. We will post updates as news arises that may affect your financial situation, business operations and strategic planning. We encourage you to reach out to PKF O’Connor Davies professionals for ongoing guidance and assistance.

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To help conserve vital liquidity during these trying times, the IRS issued Revenue Procedure (Rev. Proc.) 2020-19 on May 4, 2020 to provide temporary relief to publicly-offered real estate investment trusts (REITs) and publicly-offered regulated investment companies (RICs) with regard to their annual required cash distributions to shareholders.

Recognizing that the COVID-19 pandemic has caused significant disruption to the operations of State and Local Governments, the Governmental Accounting Standards Board (GASB) adopted Statement No. 95 on May 8, 2020 which postpones the effective dates of several GASB statements and implementation guides.

On Wednesday evening, May 6, 2020, the Treasury Department released FAQ No. 44 which seems to reverse earlier guidance (FAQ No. 3) relating to the exclusion of non-U.S. based employees from the headcount number for purposes of determining eligibility for a Paycheck Protection Program (PPP) loan.

As we continue the COVID-19 lockdown, we realize how truly dependent we are on our cyber connections… from ordering food, to entertainment, to schooling and even virtually attending religious services.

The federal government has provided billions of dollars to small businesses and not-for-profits (NFPs) through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Since the release of several FAQs and a safe harbor provision by the Treasury Department, a number of Paycheck Protection Program borrowers have expressed a fair amount of angst regarding their need for these funds and, indeed, tens of millions of PPP loan funds have already been returned.