Coronavirus or COVID-19 has infected businesses across all industries and sizes in a short period of time in a way that has most of us in shock and disbelief relative to the momentum many saw coming into 2020. As we navigate these unique and challenging times together, our goal is to continue to provide expertise where we can, lean on other experts for their knowledge and continue to share that expertise in our effort to serve the role we value most, a trusted advisor.
American Rescue Plan Act of 2021
On March 11, 2021, President Biden signed the $1.9 trillion aid package—the American Rescue Plan Act of 2021 (“ARPA”)—which will provide another round of significant tax and non-tax stimulus for businesses, individuals, and our national economy as we head into our second year of the Covid-19 global pandemic.
Consolidated Appropriations Act, 2021
The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020, in order to provide additional relief relating to the coronavirus (COVID-19) pandemic.
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Employee Retention Credit – IRS Updates Guidance on PPP Coordination Issues and More
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Consolidated Appropriations Act of 2021: Changes for Cafeteria Plans
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Business Tax Extenders in the Consolidated Appropriations Act of 2021
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Consolidated Appropriations Act, 2021 Summary Chart
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Webinars
PPP, Cares/3610 and Economic Aid: What Every Government Contractor Needs to Know [On-Demand Webinar]
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Webinars
Breaking Down the $900 Billion COVID Stimulus Package [On-Demand Webinar]
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Business Tax Provisions of the Consolidated Appropriations Act of 2021
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Paycheck Protection Program: Key Terms of the PPP First Draw and Second Draw
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Is Your Business Maximizing Its Payroll Tax Credits Under the Consolidated Appropriations Act?
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Stimulus Deal Sets 4% Floor Rate for Low-Income Housing Tax Credit Projects
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PPP Round 2: Loan Impacts on Self-Employed Individuals
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New COVID Stimulus Package: $900 Billion in COVID-19 Relief, $2.3 Trillion Total in Funding
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Breaking Down The CARES Act
On March 27, 2020, Congress passed the $2 trillion stimulus bill – the Coronavirus Aid, Relief, and Economic Security (CARES) Act – which will provide significant tax and non-tax stimulus to individuals and businesses. Here’s a collection of critical content breaking down what this bill means for businesses, individuals, and our national economy in the wake of the COVID-19 global pandemic.
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PPP Borrower Update: SBA Releases 2 New Loan Necessity Questionnaires
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SBA Issues Guidance for Changes of Ownership of PPP Borrowers
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Updated PPP Guidance on Owner-Employee Definition & Related Party Rent and Interest Expenses
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Breaking Down the Proposed Employee Payroll Tax Deferral Memorandum
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2020 Proposed Regulations - Section 163(j) Business Interest Expense Limitation
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New Guidance on the Section 163(j) Business Interest Expense Limitation
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Aggregation Rule FAQs for Application of the 163(j) Small Business Exemption for Business Interest Expense
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SBA Issues Long-Awaited FAQs on PPP Loan Forgiveness
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Maryland Decoupling Rules Related to the CARES Act
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SBA Confirms PPP Recipients Can Apply Early for Loan Forgiveness
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SBA Issues Clarifications to Forgiveness Rules: Good News for Self-Employed Borrowers, Confirmation of 24-Week Covered Period, and New Forgiveness Applications
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Update on Paycheck Protection Program (PPP) Loans
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AICPA Issues Guidance on Accounting for Paycheck Protection Program Loans
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Fed Issues Revisions to Main Street Lending Program: Lower Minimum Loans and Longer Repayment Terms
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IRS Eases Timing Requirements Around Qualified Opportunity Funds in Response to COVID-19
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PPP Flexibility Act: Breaking Down the Significant Impact on Borrowers
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The PPP Forgiveness Journey Continues – Where Might It Lead?
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Employee Retention Credit – A Second Look
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Breaking Down the SBA’s Paycheck Protection Program Loan Forgiveness Application
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IRS Allows Midyear Changes to Employer Cafeteria Plans Due to COVID-19
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PPP Loan Forgiveness: Updated Guidelines on Good-Faith Certification and Laid-Off Employees
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US Treasury Secretary Mnuchin Open to Easing Limits on Small Businesses PPP Loans
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How the Deductibility of PPP Related Expenses is Impacted by Latest IRS Guidance on PPP Loan Forgiveness
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Events Recaps
Maximizing Your PPP: How Companies Should Plan to Get the Most Out of Their PPP Loan (On-Demand Webinar)
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How the Prior-Year Minimum Tax Credit Changes Under the CARES Act
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Paycheck Protection Program (PPP) Round 2: How Small Businesses Should Move Forward
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How Required Attestations in the CARES Act Affect Participation in the Main Street Lending Program
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Infographics
Paycheck Protection Program (PPP) Small Business Loan Approvals Infographic
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How the CARES Act Changes Student Loan Benefits Under IRC Section 127
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Addendum to Sec. 163(j) Business Interest Expense Limitation Provided for in the CARES Act
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Work Sharing Programs – An Alternative to Layoffs & Furloughs
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Comparing the Main Street New Loan Facility (MSNLF), Main Street Expanded Loan Facility (MSELF) and Main Street Priority Loan Facility (MSPLF): Key Differences and Takeaways
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The Main Street Business Lending Program: Breaking Down the Key Details
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Qualified Disaster Relief Payments – Tax Free Payments to Employees
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What’s Next for Businesses Unsuccessful in the First Round of the Paycheck Protection Program?
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Paycheck Protection Program (PPP): Loan Guidelines for Sole Proprietors and Independent Contractors
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BLOG & DASHBOARD
Using the Power of Data to Track COVID-19’s Impact on State Legislation
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Paycheck Protection Program Infographic: How It Works
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The CARES Act Business Loan Programs: Which is the Best Fit?
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New Guidance from U.S. Treasury Department on Paycheck Protection Program
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How the CARES Act Changes Retirement Plan Rules
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Qualified Improvement Property (QIP): A Technical Fix from the CARES Act
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How Did the CARES Act Change Charitable Contribution Deductions?
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Business Interest Expense Deduction Changes as a Result of the CARES Act
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How Excess Business Loss Limitation (Section 461(I)) and NOL Carrybacks Changed Under the CARES Act
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How to Begin Your Paycheck Protection Program (PPP) Application (Begins April 3)
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How the CARES Act Provides Businesses a Five-Year Carryback for Net Operating Losses
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The CARES Act: Breaking Down the $2 Trillion Economic Stimulus Bill
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Payroll Tax Provisions in the CARES Act
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Changes in Accounting for Income Taxes as a Result of the CARES Act
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How the CARES Act Impacts Your Employee Benefit Plan Provisions
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How to Apply for an SBA Economic Injury Disaster Loan (EIDL)
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Individual Recovery Rebates in the CARES Act
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COVID-19 Tax Implications for Individuals and Businesses
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Guide to Virginia's COVID-19 Individual and Corporate Relief Programs
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Article
The Paycheck Protection Program: Here’s How it Played Out for Baltimore Entrepreneurs
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Article
Here’s How Startup Funding Pros are Thinking About the New Small Biz Aid Programs
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On-Demand Webinars
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Webinars
Breaking Down the $900 Billion COVID Stimulus Package [On-Demand Webinar]
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On-Demand Webinar
Mid-Year Tax Planning Considerations [On-Demand Webinar]
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On-Demand Webinar
Section 3610 & PPP Flexibility (On-Demand Webinar)
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On-Demand Webinar
The Path to PPP Forgiveness: Navigating the Maze of Guidance to Maximize Your PPP Proceeds (On-Demand Webinar)
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On-Demand Webinar
The Future of Cybersecurity Planning (On-Demand Webinar)
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On-Demand Webinar
Maximizing Your PPP: How Companies Should Plan to Get the Most Out of Their PPP Loan (On-Demand Webinar)
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On-Demand Webinar
PPP Considerations for Government Contractors (On-Demand Webinar)
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On-Demand Webinar
The CARES Act & Recent Guidance Updates for Government Contractors (On-Demand Webinar)
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On-Demand Webinar
Perspectives on Volatile Markets (On-Demand Webinar)
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On-Demand Webinar
Capital Planning Through the Life Cycle of an ESOP Company (On-Demand Webinar)
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PPP Loan Forgiveness Calculator
The AICPA has been standing up a PPP Loan Forgiveness Calculator since April. The tool has evolved as guidance has been issued and they have now developed a more comprehensive tool that can assist businesses with preparing their PPP Loan Applications later this year.
The tool will likely be updated as more guidance from Treasury is published and if Congress makes more changes to the law. While we cannot certify that the tool is perfect, and we might challenge a position or two they are taking on expense inclusions, we do believe it might be helpful for borrowers as they aggregate data and prepare their applications.
Helpful Links
Updated on 9/9/2021 at 5:00 pm ET
We continue to keep an eye on other resources — both federal and state — that might be helpful to organizations looking for additional direction and help navigating the ever-changing landscape.
- [NEW 9/9/2021] Maryland Comptroller Urges Marylanders to Apply for Tax Credit
- Applications for the Student Loan Debt Relief Tax Credit for tax year 2021 must be submitted by September 15, 2021.
- [7/2/2021] Maryland Comptroller Extends Filing, Payment Deadlines for Pass-Through Entities
- The filing deadline for 2020 income tax returns from Pass-Through Entities (PTEs) was extended to Sept. 15, 2021.
- Form 511 was created for electing PTEs.
- [3/31/2021] Paycheck Protection Program Extended until May 31, 2021
- The PPP Extension Act of 2021 extends the program an additional two months to May 31, 2021, and then provides an additional 30-day period for the SBA to process pending applications.
- [3/22/2021]Paycheck Protection Program Borrower Application Form Revised March 18, 2021
- Certain nonprofits are now eligible to apply for a PPP loan, based on the American Rescue Plan Act.
- [3/16/2021] SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
- Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, will also have an automatic deferment of principal and interest payments until March 31, 2022.
- [3/11/2021] Maryland Comptroller Franchot Extends State Income Tax Filing Deadline to July 15
- The state income tax filing deadline is being extended by 3 months until July 15, 2021.
- No interest or penalties will be assessed if returns are filed and taxes owed are paid by the new deadline.
- [1/20/2021] BGE Energizing Small Business Grants
- BGE is pledging $15 million to assist Maryland’s small businesses with COVID-19 relief. Eligible businesses located in BGE’s service area can apply for a $20,000 grant in one of three rounds.
- Round 1: January 20, 2021 – March 3, 2021
- Round 2: May 5, 2021 – June 16, 2021
- Round 3: September 1, 2021 – October 13, 2021
- BGE is pledging $15 million to assist Maryland’s small businesses with COVID-19 relief. Eligible businesses located in BGE’s service area can apply for a $20,000 grant in one of three rounds.
- [1/11/2021] Updated PPP Borrower Application Forms
- The forms are Form 2483 – Paycheck Protection Program Borrower Application Form and Form 2483-SD – PPP Second Draw Borrower Application Form.
- Form 2483 is updated from previous iterations that started with the original PPP program.
- Form 2483-SD is a new form for qualified PPP borrowers to seek a second draw of a forgivable loan as they try to navigate economic seas churning in the throes of the COVID-19 pandemic.
- Maryland Comptroller Franchot Announces Forbearance for Business Tax Returns and Payments
- SBA’s New Loan Necessity Questionnaires: SBA Form 3509 (For-Profit Borrowers) and SBA Form 3510 (Non-Profit Borrowers)
- [October 23] Governor Hogan Announces $250 Million ‘Maryland Strong: Economic Recovery Initiative’
- [October 9] Updated Interim Final Rule to Include Reductions to Loan Forgiveness Amount for PPP Borrower $50,000 or Less
- Key Change: “Reductions to Loan Forgiveness Amount A borrower of a PPP loan of $50,000 or less, other than any borrower that together with its affiliates received loans totaling $2 million or greater, may use SBA Form 3508S (or lender’s equivalent form) to apply for loan forgiveness. A borrower that uses SBA Form 3508S (or lender’s equivalent form) is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees (section 1106(d)(2) of the CARES Act) or reductions in employee salary or wages (section 1106(d)(3) of the CARES Act) that would otherwise apply. As such, Part III.5 of the First Loan Forgiveness Rule, as revised by Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules, does not apply to borrowers of loans of $50,000 or less that use SBA Form 3508S (or lender’s equivalent form) to apply for loan forgiveness.”
- [October 9] SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less | Download the Simpler Application
- [August 28] Guidance issued to implement Presidential Memorandum deferring certain employee Social Security tax withholding
- [Now Available] Baltimore County Small Business Reimbursement Grant Program: This is a $3 million fund established to help Baltimore County’s small businesses harmed by the COVID-19 pandemic. The Department of Economic and Workforce Development (DEWD) will administer the Small Business COVID-19 Reimbursement Grant Program, which will award grants of up to $10,000 each to approximately 300 Baltimore County-based small businesses.
- [New July 10] Governor Hogan is Allocating $50 million to the Maryland Nonprofit Recovery Initiative (NORI) — This will assist nonprofit organizations whose critical operations have been financially impacted by COVID-19 and state-of-emergency.
- [Updated May 29] AICPA’s PPP Loan Forgiveness Calculator — This calculator uses available guidance from the SBA and Treasury and along with interpretations of that guidance (see notes throughout) to estimate the amount of a PPP loan that may be eligible for forgiveness.
- [Updated May 13] U.S. Senate Committee’s Paycheck Protection Program FAQs for Small Businesses
- [New April 30] IRS Notice 2020-32: Guidance on Expense Deductability with PPP Loan Forgiveness
- [Updated April 14] SBA’s New Interim Final Rule for Self-Employed and General Partners
- NEW: U.S. Chamber of Commerce Economic Injury Disaster Loan (EIDL) Guide
- NEW: U.S. Chamber of Commerce Employee Retention Tax Credit (ERTC) Guide
- U.S. Treasury’s Interim Final Rule on Affiliation
- U.S. Treasury’s Applicable Affiliation Rules
- Maryland’s COVID-19 Business Response
- U.S. Small Business Administration’s FAQs on Disaster Assistance for Small Businesses
- AICPA’s State Tax Filing Guidance Relief Chart
- IRS Filing and Payments Guidelines FAQs
- Department of Labor’s Coronavirus Resources (Workplace Safety, Wages, Hours, & Leave, Unemployment Insurance, et al.)
- Small Business Owner’s Guide to the CARES Act
- U.S. Chamber of Commerce’s Coronavirus Emergency Loans | Small Business Guide & Checklist
- SBA 7(a) Borrower Information Form
- IRS Economic Impact Payment Information Center
- Main Street Business Lending Program: New Loan Facility Term Sheet
- IRS Economic Impact Payments Non-Filers Tool
- (Added May 18) Harford County Small Business Relief Grant Program | Applications Open May 26
The Impact on Personal Financial Planning
As so many items are unknown, when it comes to your investments, the biggest risk is making important decisions when you don't have the needed information. The SC&H Financial Advisory team shares more in their Weathering Impossible to Predict – But Inevitable – Market Shock resource.
Technology Considerations During a Crisis
As many organizations have had to revamp business continuity plans and move to remote work environments, SC&H Group's Technology Advisory team has been fielding questions on best practices to consider. The following resources provide insights specific to remote work, disaster recovery, and, most importantly, the need and capability to operate in secure environments.
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Increased Need to Take a Defensive Approach to Communications as Cybersecurity Threats Escalate
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Technology Considerations to Support Remote Working
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How to Keep the Coronavirus and Other Disasters from Destroying Your Business
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COVID-19 Cybersecurity Best Practices
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Strategic Planning During Economic Strain
While it may be too early to predict how long this pandemic will last, its effects on the global economy are already being felt and will continue to evolve. Due to this level of uncertainty, many organizations are finding the need to evaluate their strategic plans and, in some cases, succession plans. Stakeholders from all functions within the C-Suite and are coming together to divide and conquer.
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How Internal Auditors and Risk Advisors Can Better Prepare for High-Risk Events
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Assessing the Road Ahead for Small Businesses
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CFO Planning During the COVID-19 Pandemic: 5 Ideas for Strategic Success in a Time of Crisis
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When You’re Overdue for Scenario Planning
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Article
Reckoning With the Wreckage: Baltimore Businesses Reinvent Themselves
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The Need for Expert Advice When Experiencing Widespread Economic Strains
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What to Expect When Expecting a Recession
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