Tag: COVID-19

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...

Other tax relief provisions of the CARES Act

There has been much discussion concerning the provisions for loan relief and payroll tax credits for businesses and the economic stimulus checks for individuals.  But there are several other provisions geared towards individual and businesses taxes: INDIVIDUAL PROVISIONS Charitable deduction...

Self-employed, other newly eligible Michigan workers can apply for unemployment, $600 federal payments also begin

Michigan’s self-employed workers, gig workers, 1099-independent contractors and low-wage workers affected by COVID-19 can apply for federal Pandemic Unemployment Assistance (PUA) beginning Monday, April 13 at 8AM. Under the federal CARES Act, workers on state unemployment have already begun receiving...