Your McCarthy Update 

Marty McCarthy, CPA, CCIFP
Focused on You. Dedicated to Your Success.
December 28, 2020

COVID-19 Relief
(Bloomberg) Trump Yields on Virus Package, Signing After Damaging Delay. President Donald Trump backed away from a crisis of his own making by signing a pandemic relief bill Sunday night, but only after depriving millions of Americans of a week of unemployment aid and triggering an outcry from lawmakers in both political parties. Learn more.

(CNBC) Trump signs off on $600 stimulus checks, but a vote on $2,000 direct payments is still happening. The House plans to vote on a measure to increase stimulus checks to $2,000 on Monday, and in a statement released by Trump on Sunday night, he said the Senate would also “start the process” for a vote that increases checks to $2,000. Read more.

(Philadelphia Business Journal) Millions of small businesses on deck for simplified PPP loan forgiveness. Millions of small businesses will have a much easier time getting their Paycheck Protection Program loans forgiven. Read more.

(Philadelphia Business Journal) Wolf announces $145M in funding for Pennsylvania small businesses impacted by pandemic. Gov. Tom Wolf announced he had transferred $145 million to the state's general fund for grants and loans for businesses, especially restaurants and bars, that have been hardest hit by the COVID-19 pandemic. Read more.

(Philadelphia Business Journal) Congress just fixed a disaster loan grant problem. Now thousands of small businesses could get cash grants. Millions of small businesses that were shortchanged under the Economic Injury Disaster Loan (EIDL) Advance grant program could now see thousands of extra dollars in cash grants. Learn more.

(Philadelphia Business Journal) Philadelphia extends ban on indoor dining, theaters and more. Philadelphia will extend restrictions on indoor dining, theaters, casinos, and other indoor events until January 15 as more COVID-19 cases are expected following the holiday season. Read more.

(Real Estate NJ) Lawmakers pass $14 billion incentives bill, with Murphy expected to sign. Known as the New Jersey Economic Recovery Act of 2020, the 249-page bill outlines new tax incentives to replace programs that were popular among developers and brokers. It also expands or creates new subsidies for film and television production, revitalizing brownfields, and assisting so-called food deserts, among other areas, all while creating financial caps and oversight for the programs and the state agency that manages them. Read more.

Construction
(Construction Dive) Experts: Construction material shortages to continue in 2021. Commercial contractors continue to battle material shortages brought on by the coronavirus pandemic, according to the Q4 2020 U.S. Chamber of Commerce Commercial Construction Index (CCI). The CCI increased by three points — from 57 in Q3 to 60 in Q4 — but is still far beneath 74, the first-quarter score prior to the pandemic. Learn why.

(Construction Dive) COVID-19 relief package could aid construction through infrastructure funds, PPP loans. Although it took months to reach an agreement on a second relief bill, funds in the bill for transportation and small business loans could aid construction, Stephen Sandherr, CEO of the Associated General Contractors of America, said in a statement. Read more.

(Construction Dive) CDC recommends construction workers get coronavirus vaccine after grocery workers, older Americans. Construction workers should receive the coronavirus vaccine after other frontline essential workers and people age 75 and older, according to recommendations made by the Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices. Learn more.

Real Estate
(NAHB Now) Key Housing Provisions in $900 Billion Relief Bill Passed by Congress. The National Association of Home Builders (NAHB) worked closely with Democratic and Republican congressional leaders to ensure the recovery legislation addresses three major builder concerns. Read more.

Business
(Harvard Business Review) 3 Tenets of a Strong Remote Culture. Because of the pandemic, we are now engaged in the largest behavioral experiment in the history of work. The questions we had previously been asking about the future of work in an era of advanced technology are no longer just about the future — they are about now. And among the most pressing questions is: How can we build and sustain a robust culture in our organization if we rarely see each other in person? Read more.
 
(Journal of Accountancy) Financial fraud risks to watch for amid the pandemic. The precise effect the COVID-19 pandemic is having on financial fraud may take time to sort out — regulatory enforcement actions against accounting violations can take years to piece together. Learn more.

We will continue to keep you updated. Please visit our COVID-19 Resource Page for more alerts.

Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@MCC-CPAs.com. I can be reached at Marty.McCarthy@MCC-CPAs.comAs always, we are happy to help.

Stay safe,

Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).