Everyone around the globe has been impacted by the COVID-19 pandemic. People talk about the “new normal.” I like to think about it as the “new next.” No one really knows what is going to happen next. We need to move forward with caution and be prepared for many changes in our lives and businesses.
The Spanish flu pandemic of 1918 was the deadliest in history. An estimated 500 million people worldwide, or one-third of the global population, were infected. The Spanish flu killed an estimated 20 million to 50 million people, including some 675,000 Americans. Just like today, people were ordered to wear masks and schools, theaters, and businesses were shuttered. By the summer of 1919, the flu pandemic came to an end.
History tells us that life did get back to normal and American businesses did prosper. Since history often repeats itself, we should expect a similar result. Even so, now is a good time to evaluate how the pandemic will impact your business. Contingency plans need to be developed, financial scenarios need to be run, and your options need to be evaluated and addressed. We are here to help protect your business from a financial disaster. We can help you maximize PPP loan forgiveness, take advantage of government and private relief programs, make tax elections, safeguard your company against risks, and pivot your business, if necessary.
We address many important topics related to COVID-19 in this issue of MCC Construction Zone. These include the construction outlook, accounting and financial statement considerations, accounting method planning, and an update on the revenue recognition and lease accounting standards. We also introduce you to Chris Abell, CPA and manager.
Our goal is to educate you on new guidance and make you aware of options that may be available. I hope that you find our insights thought provoking and we look forward to speaking with you about your situation. As always, we are here to help you find solutions. Stay safe.
Marty McCarthy, CPA, CCIFP
In this issue: