Tag: COVID-19
IRS delays start of 2020 tax filing season to Feb. 12, 2021
The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. It has advised people to file their returns electronically and...
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...
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...
SR Client Question: Do I need to refile my unemployment claim to receive extended benefits?
The newly passed COVID-19 Relief Bill offers extended federal unemployment benefits for states like Michigan. It appears, at least at this time, that recipients currently receiving unemployment benefits do NOT need to refile to be eligible for the extension. 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...
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...