Category: Business Practices

UPDATED PPP essentials for small business owners: Qualifying Expenses, Forgiveness, and Recent Changes

It’s been several months now since many small business owners have received and spent their Paycheck Protection Program (PPP) loan awards, and many businesses are now ready to start the forgiveness process.  But SBA rules and legislation have significantly changed...

PPP loans under $50,000 get simplified forgiveness process with new rule

The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven with a simpler loan forgiveness application and interim final rule. The new application...

IRS releases guidance on payroll tax deferral, but questions remain

On August 8, 2020, the President signed an executive order directing the Treasury Department to defer the withholding, deposit, and payment ofthe employee portion of social security taxes (6.2%) for the period beginning September 1, 2020, and ending December 31, 2020.  The...

SBA issues surprising new PPP guidance addressing rent-related costs and owner-employee compensation 

On August 24, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) addressing the Payroll Protection Program (PPP) as it relates to the ownership percentages that trigger the applicability of the owner compensation rules and limitations on the eligibility...

Medical providers who received Provider Relief Fund Payments may need an audit

The Department of Health and Human Services (HHS) is requiring financial statement audits from medical care providers who received more than $750,000 annual total awards in Provider Relief Fund Payments in 2020.  Qualifying Provider Relief Fund Payments could include: HRSA Provider Relief Funds...

U.S. Treasury and SBA answers PPP Loan Forgiveness’ frequently asked questions

The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness.  As small business owners approach the loan...

New grant helps Michigan businesses operate safely

With employers across the state working to keep their employees, customers and communities safe during the COVID-19 pandemic, the State of Michigan has launched Michigan COVID-19 Safety Grant Program. These grants will provide small businesses matching funds – up to $10,000...

Michigan relief programs for businesses and individuals affected by COVID-19 are now open

Michigan business owners and residents suffering from the economic effects of the coronavirus pandemic can expect to see more targeted relief programs, as CARES Act funds filter into the state for local administration and development organizations create geographically-specific grants.  ...

PPP Application deadline extended to August 8

Business owners have another five weeks to apply for federal pandemic relief funds through the Paycheck Protection Program after President Trump approved a five-week extension.  The extension to the Payroll Protection Program (PPP), which was launched in April to keep Americans...

Michigan businesses can use MI Workshare program to bring back employees flexibly

With businesses starting to open up, Michigan is strongly encouraging businesses to consider using the MI Workshare program to start bringing employees back on a part-time basis as things ramp up.  It can be a win-win for the employer and...