Tag: COVID-19

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...

IRS announces rollover relief for retirement account RMDs that were waived under the CARES Act

The Internal Revenue Service is allowing anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver...

New round of HHS funding for providers who missed the first round of payments

The U.S. Department of Health and Human Services (HHS) is launching an enhanced Provider Relief Fund Payment Portal that will allow eligible Medicaid and CHIP providers to report their annual patient revenue, which will be used as a factor in...

Healthcare providers must act by June 3 to receive additional relief fund general distribution payment

Today, the U.S. Department of Health and Human Services (HHS) is reminding eligible providers that they have until June 3, 2020, to accept the Terms and Conditions and submit their revenue information to support receiving an additional payment from the...

Michigan offers installment payment option for business taxpayers

Business taxpayers who have deferred paying their Sales, Use and Withholding (SUW) taxes due to the COVID-19 pandemic can now participate in an installment payment option to satisfy their outstanding tax balance, according to the Michigan Department of Treasury. In...

PPP loan forgiveness application is released, with guidelines to help borrowers calculate qualified expenses

The Paycheck Protection Program (PPP) brought many small business owners a much-needed lifeline during the pandemic to help cover payroll and other business expenses during an 8-week period.  Now that PPP funds have been distributed, loan recipients must begin tracking qualified...

PPP guidance on loan forgiveness and laid-off employees who refuse to be rehired

The SBA added Guidance in its FAQs document (Question #40) indicating that the SBA and Treasury intend to issue an interim final rule that businesses who receive Paycheck Protection Program (PPP) loans can exclude laid-off employees from their loan forgiveness reduction calculations for...

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...