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Coronavirus: Tips and Help for Businesses
CTCPA members: Join the Economic Relief Packages (PPP and More) Group to discuss the latest developments with your peers.

Reopening Connecticut
Workplace Safety
Accounting, legal, and payroll services were all considered essential services under the Department of Economic and Community Development's final guidance, so accounting firms were never required to close. However, it is still preferred you work remotely if possible.
Executive order 7BB stipulates that all individuals must wear a mask or face covering in public spaces where the social distancing requirements of six feet are difficult to maintain - and this includes the workplace. Workers working alone in segregated spaces (private offices or cubicles) are able to remove their masks in that private space, but must wear a face covering when moving about the office. Read more safe workplace rules for essential employers.
Legislation and Relief
The CARES Act and Paycheck Protection Program (PPP)
- The Paycheck Protection Program Flexibility Act of 2020 became law on June 5, 2020. Among other items, the law:
- Amends the PPP to give borrowers 24 weeks to spend loan funds and still obtain forgiveness, up from 8 weeks.
- Reduces mandatory payroll spending from 75% to 60% while increasing nonpayroll expenses (rent, mortgage interest, utilities_ from 25% to 40%
- Borrowers may now obtain full forgiveness even if they don’t fully restore their workforce.
- Loan terms have been extended from two years to five.
- Businesses may now delay paying payroll taxes even if they took a PPP loan.
Connecticut Taxation Issues
Federal Taxation Issues
Maintaining Your CPA and CPA Exam
- CPE Deadline Extended to December 31, 2020 - In March, CTCPA reached out to the State Board of Accountancy to request an extension of the CPE credit deadline; we surveyed our members to determine whether Connecticut CPAs wanted additional time to earn their 40 hours of CPE, and if yes, how much additional time. We shared the information with the State Board of Accountancy, and they voted to extend the CPE deadline until December 31, 2020. Accordingly, CTCPA Professional Development Director Lisa Bugryn is reworking the education schedule to ensure that members have a selection of classes throughout the remaining calendar year that will address time and learning demands.
- Prometric Testing Sites Reopened June 1 - Prometric resumed all testing for June 1; you can learn more about the restrictions and policies here.
- CPA Exam Testing Window Extended for Candidates - Prometric resumed testing for the CPA Examination on May 1, 2020. Per the federal government, the CPA profession falls under “essential services.” NASBA had recommended State Boards of Accountancy extend NTS expiring between April 1 to June 30, 2020 with a blanket extension until September 30, 2020. The Connecticut State Board of Accountancy agreed with that proposal and approved that extension. They did word the vote in a manner to permit that extension to automatically get pushed back further, should NASBA modify its recommendation at a later date.
- CPA Exam Credit Extension - All Connecticut Exam candidates with credit expiring April 1, 2020 - December 30, 2020will be extended until December 31, 2020.
- NASBA Invokes Emergency Testing Period - The emergency testing period extends the 20Q2 CPA Exam testing window from June 10, 2020 to June 30, 2020.
Employment Issues
Peer Review and Accounting and Auditing Issues
Peer Review:
Audit:
FASB:
GASB:
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Upcoming Professional Development
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The coronavirus situation is changing everyday, and Governor Ned Lamont is issuing executive orders affecting Connecticut residents and businesses several times a week. For the latest information, resources, and guidance related to coronavirus (COVID-19), visit ct.gov/coronavirus. |
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