Blog posts from: 2020
PPP guidance on loan forgiveness and laid-off employees who refuse to be rehired
The SBA added Guidance in its FAQs document (Question #40) indicating that the SBA and Treasury intend to issue an interim final rule that businesses who receive Paycheck Protection Program (PPP) loans can exclude laid-off employees from their loan forgiveness reduction calculations for...
Private company GAAP accounting implementation dates delayed for revenue recognition and leases
Two accounting standards which can be costly to implement and have given many business owners angst have received delayed effective dates. The first is the Revenue Recognition Standard, which many private companies have already adopted because the current effective date...
Borrowers with PPP loans below $2 million will have “need” automatically certified
The SBA and Treasury issued some good news today for borrowers participating in the Paycheck Protection Program (PPP) concerned about the required certification that “the uncertainty of current economic conditions make necessary the loan request to support the ongoing operations of the eligible applicant.”...
Certifying Economic Need for PPP Loans and Extension of Safe Harbor Repayment Date
On April 23, 2020, the SBA issued FAQ #31, cautioning PPP borrowers that they need to review the required certification that “the uncertainty of current economic conditions make necessary the loan request to support the ongoing operations of the eligible...
Pandemic relief programs for businesses
**Federal and state programs created in response to the COVID-19 pandemic are changing fast, and updates will be made here as more information is made available and are current as of the publishing date.** The ShindelRock tax professionals have been...
Medical Practice Owners and Healthcare Providers Eligible for CARES Act Relief Through HHS
Medical practice owners and healthcare providers are eligible for some of the $50 billion CARES Act relief funding through the Department of Health and Human Services (HHS). All relief payments are being made according to tax identification number (TIN). For...
Three things business owners should do after receiving a Paycheck Protection Program (PPP) Loan
The $349 billion Paycheck Protection Program, or PPP, is expected to receive its second tranche of new funding later this week. This should mean more small businesses, many of whom already have an application in queue with their business banking...
New pandemic relief lending program for larger businesses: the Main Street New Loan facility
The Main Street Lending Program, a newly created program by the Federal Reserve, will enhance support for small and mid-sized businesses that were in good financial standing before the COVID-19 crisis by offering 4-year loans to companies employing up to...
Michigan Department of Treasury says business taxpayers can pay monthly, quarterly sales, use and withholding tax in May
Most Michigan business taxpayers scheduled to make sales, use and withholding tax payments for March and April, or for the first quarter of 2020, can postpone filing and payment requirements until May 20, 2020. The state Department of Treasury will...
Stimulus checks are coming, including for those who don’t typically need to file tax returns
The recently-passed CARES Act gives the IRS authority to automatically send the Economic Impact Payment to Americans who qualify at certain income thresholds. Most will be evaluated as meeting the income criteria* as evidenced by their 2018 or 2019 income...