Due to the impact of COVID on small businesses, the SEC issued a temporary relief order with a few amendments meant to ease the process for companies looking to raise. If you're curious, you can read the full order here — some of these amendments center on how a company must disclose its finances. 

Here are the pre-existing guidelines:

• A company intending to raise up to $107k had to produce two years of GAAP (Generally Accepted Accounting Principles) statements certified by its principal executive officer.
• A company intending to raise more than $107k had to produce CPA-reviewed statements.

Here's what the temporary relief order changes (note that these changes only apply if a company has been incorporated for at least six months): 

• A company intending to raise up to $250k can produce two years of GAAP (Generally Accepted Accounting Principles) statements certified by its principal executive officer. 
• A company intending to raise over $250k must produce CPA-reviewed statements.
• A company can file a Form C (read: launch a campaign) without any financial statements, provided they’re added in before the company accepts investments. This means that every company must disclose financials to accept any money from investors, but some companies are exempt from including their financial info when initially filing their offering.