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  • Blog
    March 30, 2020
    Hackathon to Save Small Business
    As with millions of other people around the globe, I am sheltering in place. Until last Thursday, my plan for the weekend was to immerse myself in a novel from the never-ending list of “books I intend to read.”  But, on Thursday, I and several of my Protiviti colleagues received an invitation from the Alliance for Innovative Regulation (AIR) to participate in a hackathon to save small…
  • Blog
    March 31, 2020
    Working Together: Bank Regulators Encourage Flexibility and Offer the Same During COVID-19 Pandemic
    It goes without saying that COVID-19 has disrupted the world in a manner not seen before in our lifetimes and has required everyone to make adjustments to their personal and work routines.  In response to the outbreak, bank regulatory agencies in the U.S. have encouraged financial institutions to be flexible and work constructively with customers impacted by these events. In return, the…
  • Blog
    April 1, 2020
    COVID-19 Impacts on Accounting, Reporting and Internal Controls
    The coronavirus 2019 (COVID-19) pandemic has brought major disruptions worldwide, with further impacts yet to be felt. For many businesses, operations are curtailed or dramatically shifted, and supply chains are disrupted. New regulatory and operating guidance is issued daily, with a fair amount of it impacting financial accounting and reporting. For example, the SEC just issued an announcement…
  • Blog
    April 2, 2020
    Treasury Department Issues More Detailed Guidelines for Small Business Paycheck Protection Program (updated May 4, 2020)
    The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law last Friday offers a lifeline to small businesses and sole proprietors (generally those with 500 or fewer employees) in the form of the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). This program authorizes $350 billion in forgivable loans, based on the size of their…
  • Blog
    April 6, 2020
    Credit Reporting During COVID-19: Loan Accommodations, the CARES Act and Amended FCRA Requirements
    Imagine a scenario whereby your livelihood is upended by the COVID-19 pandemic. You are a retail store clerk, a flight attendant, a bartender, an owner of a “non-essential” small business, a sales representative, or any of the 10 million people who have recently filed for first-time unemployment since mid-March 2020.  You have a mortgage and call your mortgage company to work out a temporary…
  • Blog
    April 7, 2020
    Regulators Support CARES Act Forbearance by Offering Flexibility to Mortgage Servicers
    As the COVID-19 pandemic continues to threaten the health of the nation, the preventive measures required to control its spread have imposed equal challenges to the health of the economy. The closing of non-essential businesses and requirements to shelter in place have cost many Americans their jobs and their ability to meet their financial obligations. The CARES Act, which was signed into law…
  • Blog
    April 8, 2020
    Respond and Learn: COVID-19 Disruption Provides Opportunities to Improve Operational Resilience
    Companies have talked for years about operational disruption and business continuity management (BCM), but few have contemplated an event like the COVID-19 pandemic. Businesses today find themselves facing an “extreme but plausible” event that previously could only be considered in theory. Protiviti has been monitoring the pandemic response of companies around the globe. We held a webinar last…
  • Blog
    April 9, 2020
    A CISO Agenda for Addressing COVID-19 Challenges
    With millions of workers around the globe working from home in an effort to contain the spread of COVID-19, the guardians of information security are facing an unprecedented array of challenges, from network capacity concerns to an escalation in cybersecurity incidents. As organizations alter their operating models to accommodate a remote workforce, chief information security officers (CISOs)…
  • Blog
    April 10, 2020
    COVID-19 Crisis Drives FASB to Propose Delays to Effective Dates of Revenue Recognition and Lease Accounting Standards for Certain Entities
    At its April 8 meeting, the Financial Accounting Standards Board (FASB) proposed delaying, for certain entities, the effective dates of its accounting standards for revenue recognition (Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606)) and lease accounting (Accounting Standards Update No. 2016-02, Leases (Topic 842)). The board proposed these revised…
  • Blog
    April 13, 2020
    The Federal Reserve Steps in to Help Small and Medium-Sized Businesses
    During the week of April 6, we saw the Federal Reserve take several decisive actions to try to stabilize the economy. Three of these actions were specifically focused on assisting small and medium-sized businesses by making participation in the paycheck protection loan program (PPP program) more palatable for the banking industry and by introducing and expanding loan programs for small and medium…
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