Category: Business Practices
$15 billion in pandemic relief for Shuttered Venue Operators coming soon
Applications will open soon for the $15 billion Shuttered Venue Operators (SVO) Grant program, administered by the SBA and created by the December 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. Funds are expected to be exhausted quickly,...
Employee Retention Tax Credit significantly modified and expanded for businesses
The recent Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the Employee Retention Tax Credit (ERTC) under section 2301 of the CARES Act. Two key changes to the ERTC are: 1. The ERTC is...
Forgiveness application for PPP loans of $150,000 or less now available
The U.S. Small Business Administration (SBA) and Treasury published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less: PPP Loan Forgiveness Application Form 3508S. The...
New year is good time to review basic rules surrounding Forms 1099-MISC and W-9
For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure. In general, amounts paid in the course of your trade or business to a...
Two new relief programs open to Michigan small businesses hurt by pandemic
The state of Michigan has authorized a $58.5 million grant program for businesses hurt by the 2020 pandemic, split into two separate programs: Michigan Small Business Survival Grant Program, a $55 million program with grants of up to $20,000 to help...
$900 COVID-19 Relief Bill offers new help for individuals and businesses
Congress approved a long-awaited and far-reaching $900 billion pandemic rescue package. The bill will include direct payments of up to $600 per adult and dependents (for those making less than $75,000 a year filing single or $150,000 married filing jointly), although there...
New COVID-19 relief grants coming for Michigan small businesses
Michigan small businesses in designated industries will soon have access to another $10 million in pandemic relief funding, with the new Pure Michigan Small Business Relief Initiative announced by the Michigan Economic Development Corporation. Grant funds of up to $15,000...
IRS Confirms Paycheck Protection Program (PPP) Loan Forgiveness is Taxable in 2020
A recent IRS ruling (Rev Ruling 2020-27) specifies the circumstances of when PPP-funded expenses cannot be deducted. A taxpayer that received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in section 1106(b)...
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...