Tag: COVID-19
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...
IRS temporarily stops mailing notices to taxpayers with balances due
The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that...
IRS delays due to COVID-19 may cause check and notice backlog
The IRS is working through its correspondence backlog and is experiencing delays in processing paper returns, due to its limited staff during the pandemic: Checks: The correspondence backlog includes checks that taxpayers have mailed to the IRS (either with or...
Small IRS interest payment coming to some taxpayers
The Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds. The interest payments, averaging about $18, will be made...
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. ...