While assurance and attest services are usually a compliance requirement for businesses, they can also be used as a valuable tool to empower you with an accurate and thorough snapshot of your business, allowing you to make better-informed decisions.
LB Carlson’s Assurance and Attest Services offer a wide range of expertise that takes your future into account. We can help you assess the quality of information you use to make decisions, develop creative solutions, and evaluate your company’s performance.
How we can help
Our team has more than 45 years of experience providing assurance and attest services to closely-held businesses across various industries. We provide the following assurance and attest services:
Why LB Carlson
Many firms provide compliance-driven services, such as an audit, review, compilation, or preparation, but not all firms share our service commitment standards:
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the full amount plus 1% interest before the maturity date. In addition, some borrowers could face audits.
LB Carlson, LLP has been providing Service Organization Control (SOC) reporting solutions for clients in the graphic arts, manufacturing, credit card processing and software as a service (SaaS) industries for several years.
On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance.
On April 8, 2020, the Financial Accounting Standards Board voted to delay the effective date of ASC 842, Leases, an additional year.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27 provides $349 billion in funding for the Small Business Administration (SBA) in an effort to provide assistance and relief to America’s small businesses struggling under the weight of COVID-19. The Act included a paycheck protection provision for small businesses by providing additional funding to the SBA for specific areas of need and expanding the SBA’s 7(a) loan program.
Small businesses are now eligible for up to $2 million in Economic Injury Disaster Loans from the Small Business Administration (SBA). President Trump has called for an additional $50 billion in funding to the SBA’s lending program from Congress. While the $50 billion is not yet approved, the SBA can issue an Economic Injury Disaster Loan declaration, thanks to the Coronavirus Preparedness and Response Supplemental Appropriations Act.
Knowing what to expect before starting the loan process will help prevent unnecessary errors and rework. Completing the application process quickly and accurately will be key as there will be high demand and processing times will likely increase. We’ve put together the following summary of what business owners can expect when applying for an SBA loan.
