• Preparing for the Business
    Impacts of COVID-19

The COVID-19 outbreak could have a direct and lasting impact on organizations of all sizes.

As the number of novel coronavirus (COVID-19) cases continue to climb both in the U.S. and across the globe, individuals and companies alike are taking steps to navigate this public health emergency.

What does a pandemic mean for your business, and for you? While it’s still difficult to predict the full extent of the impact of COVID-19, BDO is closely monitoring this rapidly evolving situation, offering guidance to help you through this time of uncertainty.

 



UPCOMING WEBINARS

 
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[WEBINAR] COVID-19: What Government Contractors Need to Know

March 31, 2020
12:00 PM to 1:00 PM EST


Please join BDO USA, LLP for our BDO KNOWLEDGE Government Contracting Webinar, "COVID-19: What Government Contractors Need to Know."

This course will provide participants with an update on the rapidly changing impacts to Government contracting caused by the novel coronavirus (COVID-19) pandemic. The course will provide guidance to contractors to help them understand potential impacts to their business, along with proactive actions that contractors can take to help mitigate risk.

 
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[WEBINAR] Paycheck Protection SBA 7a Loan Program: What Restaurants Need to Know

April 1, 2020
2:00 PM to 3:00 PM EST


This webinar will cover the Paycheck Protection/SBA 7(a) Loan Program and Employee Retention Credits, with a focus on provisions most relevant to the restaurant industry.  

The recently passed CARES Act creates a specific loan program through the Small Business Administration to help small businesses retain employees and pay critical expenses in this challenging time. Special restaurant-specific carve-outs may allow larger restaurant groups to benefit from these loans.

 
 
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[WEBINAR] COVID-19: Mitigating Risk During Disruption

April 1, 2020
1:00 PM to 2:00 PM EST


We are in uncharted territory. As we navigate the COVID-19 outbreak, the full impact is still yet to be determined. Businesses worldwide are facing significant challenges and obstacles to which they need to respond rapidly. Are you prepared?

Join us for the second webinar in our three-part series as we discuss supply chain disruption, data privacy and cybersecurity concerns, risk considerations and audit and regulatory implications.

 
 
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[WEBINAR] 2020 Private Capital Outlook: M&A, Shifting Strategies & Capital Deployment

April 2, 2020
2:00 PM to 3:00 PM EST


Prior to the coronavirus (COVID-19) outbreak, almost three quarters of private equity professionals said they’d expect an economic downturn within two years. Given our current circumstances, that has happened much quicker than any could have thought. In these uncertain times, hear from private equity and venture capital leaders how fund managers are navigating top regulatory and geopolitical concerns, including COVID-19 and the economy.

 
 
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[WEBINAR] COVID-19: Preparing for the Economic Impacts of a Pandemic

April 8, 2020
1:00 PM to 2:30 PM EST


As the impact of COVID-19 continues to spread, and the effects on businesses around the world multiply, preparedness is one of our strongest tools. The pace of this global health crisis is staggering, but leaders should be ready to not only react, but to take specific tactical steps to prepare for the future, helping their organizations emerge stronger. Are you prepared?

There are many ways to reduce the economic impacts of a pandemic from evaluating the M&A environment and improving performance while mitigating financial distress and maintaining resilience, to applying for relief under the CARES Act while being aware of tax and financial reporting implications. Join us for the third webinar in our three-part series as we address these issues and more.

 
 
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[WEBINAR] 2020 IA Webinar Series: Evaluating Compliance and Anti-Fraud Programs – A Case Study with BDO’s Forensics Practice

April 28, 2020
3:00 PM to 4:00 PM EST


Internal Auditors must evaluate the potential for occurrence of fraud and how their organization manages these risks. In this session, BDO's Risk Advisory Services practice partners with our Forensic Investigation team to discuss the impact of COVID-19 on evaluations, as well as how internal auditors can identify key fraud and compliance risks and effectively assess the organization's anti-fraud and compliance programs.

 
 

ON-DEMAND WEBINARS

 

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[WEBINAR] Coronavirus Aid, Relief, and Economic Security (CARES) Act: What It Means For You & Tax Strategies to Increase Cash Flow


As the number of novel coronavirus (COVID-19) cases continue to climb both in the U.S. and across the globe, individuals and companies alike are taking steps to navigate this public health emergency. The Coronavirus Aid, Relief, and Economic Security (CARES) Act addresses the economic impacts of the COVID-19 outbreak within the United States. The CARES Act is intended to provide relief and recovery to businesses and individuals. Learn what it means for you and what tax strategies you can utilize now to increase business cash flow.

 
 
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[WEBINAR] How Do Nonprofits Adapt to Crisis?


As the novel coronavirus (COVID-19) continues to spread in the U.S. and across the globe, individuals and companies alike are taking steps to prepare for and react to this public health emergency. 
 
What does a pandemic mean for your business, and for you? While it’s still difficult to predict the full extent of the impact of COVID-19, BDO is closely monitoring this rapidly evolving situation, offering guidance to help you through this time of uncertainty.

 
 
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[WEBINAR] COVID-19: Managing your Business During a Crisis


We are in uncharted territory. As we navigate the COVID-19 outbreak, the full impact is yet to be determined. From managing the crisis and facing workforce shortages, to enabling a completely virtual work environment, to understanding the new legislation passed in response to COVID-19,  business leaders are faced with responding to a global health crisis while keeping their businesses operational and profitable. Are you prepared? Join us for the first webcast in a three-part webinar series.

 


INSIGHTS ON COVID-19

 
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SMBs: Act Now to Take Advantage of SBA Loans and Payroll Tax Incentives

In light of the novel coronavirus (COVID-19) global pandemic, many small-to-medium sized businesses are struggling to manage revenue losses amid prolonged economic uncertainty.  

To offset the pandemic’s financial impacts, Congress has passed several stimulus bills, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes provisions that can provide for increased cashflow as well as tax savings.

 
 
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CARES Act Fixes The "Retail Glitch" To Make Qualified Improvement Property Eligible For Bonus Deprecation

One of the key provisions of the newly enacted Coronavirus Aid, Relief and Economic Security (CARES) Act that will provide immediate current cash flow benefits and relief to taxpayers, especially those in the retail, restaurant, and hospitality industries, is the long sought-after fix to the “retail glitch.” Based on a technical correction under the new legislation, qualified improvement property (QIP) placed in service in 2018 and after is now 15-year property and is eligible for 100% bonus depreciation, providing many taxpayers with significant tax savings opportunities and incentivizing taxpayers to continue to invest in improvements.

 
 
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Operating Cost Reduction Strategies to Consider During Crisis Management and Recovery

In the midst of the COVID-19 crisis, operational challenges are among the top sources of pressure for businesses. Unforeseen costs, disruptions in services and, for most organizations, significant material hits to revenue are top of mind as you navigate new issues related to maintaining facilities and business functions. For these reasons, identifying and utilizing operating costs reduction opportunities is imperative.

 
 
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Be Proactive: Steps Your Business Can Take to Prepare for Economic Assistance

On March 27th, 2020, Congress passed, and the President signed into law, The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the Global COVID-19 pandemic. This $2 trillion emergency funding package is designed to inject immediate liquidity into the economy on several fronts.

 
 
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The BDO Govcon Week Ahead - March 2020

Check out the latest issue of the BDO Gov Con Week Ahead for insights amid the COVID-19 pandemic.

 
 
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Retail in the Red: BDO Bi-Annual Bankruptcy Update

March is likely to mark a significant turning point in the retail industry. As the COVID-19 outbreak spreads, the industry impact will be widespread and lasting.

 
 
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Determining Restaurants’ Risk during COVID-19: A Checklist for the Restaurant Industry

On March 11, the World Health Organization (WHO) declared the novel coronavirus (COVID-19) outbreak a pandemic, with numerous countries announcing travel restrictions and social distancing measures.

 
 
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Accounting and Financial Reporting Considerations for Bank CFOs as they Navigate the COVID-19 Business Impact

Individuals that serve in an executive and leadership capacity at banks are making important operational and business decisions to keep their employees’ wellbeing a priority while mitigating organizational risk during the novel coronavirus (COVID-19) pandemic.

 
 
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President Trump Signs Into Law CARES Act

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. BDO summarized the top provisions in the new legislation below, with more detailed alerts on individual provisions to follow. Click here for a link to the full text of the bill.

 
 
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Breaking Down the CARES Act's $500 Billion Economic Stabilization Plan

On March 27, President Trump signed into law the $2 trillion “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) in order to provide “emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic.” The largest rescue package in American history, this historic piece of legislation includes a number of programs designed to offset the severe economic losses incurred from the COVID-19 global pandemic.

 
 
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OMB Guidance Provides Relief to Federal Award Recipients Amid COVID-19

Nonprofits and higher education institutions continue to be on the front lines of the novel coronavirus (COVID-19) pandemic. As organizations wrangle with ensuring the welfare of their own people and enabling the “new normal” of remote work, they are also contending with how to continue their mission—all while navigating funding uncertainty. 

 
 
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COVID-19 - Accounting, Reporting and Other Related Considerations

BDO recognizes the challenges financial management teams and those charged with governance are facing with respect to the dynamic situation posed by COVID-19 and the difficulty in predicting related effects on their financial reporting and communications. In addition, regulators, shareholders and other stakeholders are urging and relying on companies to ensure their financial reporting is robust in light of such circumstances.

 
 
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IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing And Income Tax Payment Date

On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – postponing both the filing of federal income tax returns and the submission of federal income tax payments to July 15, 2020, which would have been due April 15, 2020. 

 
 
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Managing Your Risk During the COVID-19 Crisis

The novel coronavirus (COVID-19) pandemic has companies searching for alternative ways to conduct business. In light of CDC recommendations to practice social distancing, organizations are relying heavily on online conferencing platforms and telecommuting to sustain operations and support their customers.

 
 
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Accounting & Reporting Considerations During, and as a Result, of The Coronavirus Outbreak

With the continued spread of COVID-19 and its overwhelming effect on the global economy, we anticipate companies will experience complex accounting and reporting issues across multiple areas of their financial statements.  Companies will need to consider whether those issues, as well as operational disruptions to their overall business, rise to the level of additional required disclosures, Management’s Discussion and Analysis (“MD&A”) and/or discrete accounting recognition.

 
 
MFG_Coronavirus-Supply-Chain_Insight_3-20x350.jpg   

How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts

The novel coronavirus (otherwise known as COVID-19) crisis has struck a serious blow to the manufacturing industry, which was already battling trade policy turbulence, a slowdown in global manufacturing growth and broader economic uncertainty.

 
 
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SBA Disaster Assistance in Response to the Coronavirus – Low-Interest Loans

In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury.

 
 
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IRS Outlines Procedures for Payroll Tax Credits and Rapid Refunds for Employers Making Federally-Mandated COVID-19 Leave Payments

The federal government is trying to get much-needed cash into the hands of employers and employees affected by COVID-19 as quickly as possible. To do so, they are utilizing employer’s existing payroll systems to minimize the employers’ cash flow hardship that might otherwise have occurred from having to pay new, mandatory federal paid sick and child care leave to certain employees.

 
 
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SEC Staff Issues Guidance on Annual Meetings

On March 13, 2020, the staff of the Division of Corporation Finance and the Division of Investment Management provided guidance to issuers regarding the annual meetings of shareholders in light of the novel coronavirus (COVID-19). 

 
 
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How To Determine If An Employer Has "Fewer Than 500 Employees" For COVID-19 Federal Paid Sick And Family Leave Mandates

The Families First Coronavirus Response Act (H.R. 6201) became law on March 18, 2020. Among other things, the Act requires employers with “fewer than 500 employees” to provide two new benefits: (1) federal emergency paid sick leave and (2) federal emergency paid family and medical leave (FMLA). As a result, employers need to know immediately how to determine if they have “fewer than 500 employees.”

 
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State COVID-19 Filing Guidance and Relief

Prior to the Internal Revenue Service (IRS) release of Notice 2020-17 on March 18, 2020, a number of states had issued extensions of time to file and/or pay business income tax and individual income tax and/or relief from late filing/payment penalties. 

  
 
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Federal Aid Package Helps Individuals Affected by COVID-19

The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding.

 
 
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IRS Releases Updated COVID-19 Relief – Now Extending Filing Date and Payment

On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – this time expanding its earlier guidance (Notice 2020-17) by including relief to taxpayers for both federal income tax returns and federal income tax payments which would be due April 15, 2020. For Affected Taxpayers, the relief provides that federal income tax returns or federal income tax payments that would ordinarily be due April 15, 2020, are postponed until July 15, 2020. 

  
 

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Employers Can Immediately Provide Tax-Free Qualified Disaster Payments To Employees In Connection With COVID-19

Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that the COVID-19 has been declared a national emergency,[1] Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.”

 
 
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COVID-19 Data Security Insight

How companies stay resilient and can adapt in the face of COVID-19’s impact, will be a topic of discussion for many business leaders as new information continues to surface. Along with COVID-19’s impact, the changes business leaders implement to respond to the ongoing crisis may introduce unintentional security and privacy risks.

 
 
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Privacy in the Time of Pandemic

As individual enterprises look to their own practices to make decisions regarding COVID-19 and their employee’s personal data, risks will need to be evaluated.

 
 
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Novel Coronavirus (COVID-19) Impact and Risk Response Guide

This guide aims to provide insights into the relevant impacts of COVID-19. It gives general risk response guidance for companies to consider when deploying business continuity planning (BCP) measures to combat the pandemic and, more importantly, to maintain the agility to overcome the difficulties faced.

 
  
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Determining Your Infectious Disease Risk during COVID-19 Outbreak

Following this checklist can better enable you to make informed operational and strategic decisions while balancing the risks inherent to an infectious disease pandemic. Beyond that, you can use the intel gained from your self-evaluation to build your capabilities over time and support the business case for future investments in resiliency.

 
  
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Top Cybersecurity Recommendations Amid COVID-19 Pandemic

To reduce both the probability of a cyber-attack or significant data breach and mitigate the negative financial and reputational impacts, we offer cybersecurity recommendations which are applicable to all industries.

 
  
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Coronavirus Strikes Nonprofits in More Ways than One

The rapid spread of COVID-19 around the world has impacted all sectors. The nonprofit industry is no exception—in fact, they face more challenges than most. Read our latest blog for more on how organizations can minimize the risks associated with coronavirus.

 
 
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Coronavirus Could Bring New Financial Pressures to Distressed Healthcare Industry

We outline the top 3 pressure points the coronavirus is creating for the U.S. health system and how healthcare organizations can mitigate risks around them to better support patient care. 

 
 
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SEC Provides Conditional Relief and Assistance for Companies Affected by the Coronavirus

The SEC issued an exemptive order (the Order) on March 4, 2020 providing conditional relief for registrants that are impacted by the coronavirus (COVID-19) and are unable to file on a timely basis. 

  

 

RELATED BUSINESS ISSUES

 



CONTACT US

BDO is here to help. Contact us to discuss the implications COVID-19 may have on your business. 



BDO IN THE NEWS


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