The spread of COVID-19 is affecting each of us and our sense of what we consider normal is changing every day. AHP will continue to update this page as news becomes available that will affect your business financial matter
7/23/2020 - PPP Loan Forgiveness Tool Released
The American Institute of CPAs and CPA.com recently released a Paycheck Protection Program (PPP) loan forgiveness platform. PPPForgivenessTool.com automates the forgiveness process for business owners who have received PPP funds, regardless of their lender. The tool produces all government-mandated forms automatically and incorporates the AICPA’s PPP loan forgiveness calculator.
6/22/2020 - Updates on Funding for Businesses Suffering as a Result of the Coronavirus Outbreak: Main Street Lending and Paycheck Protection Programs
The Main Street Lending Program has been launched and the Paycheck Protection Program has a new, streamlined loan forgiveness application. AHP's recent blog article contains a summary on both programs.
6/5/2020 - Senate Approves Changes for Paycheck Protection Program
On Wednesday, June 3, 2020, the U.S. Senate passed proposed changes to the Paycheck Protection Program (PPP), expanding the time allotted for loan recipients to spend their funds and still qualify for loan forgiveness.
6/4/2020 - As Summer Approaches, So are Tax Deadlines
Heading into June, many of us are excited about warmer weather and our economy opening back up. For the majority of us, it is not the time of year that we are typically concerned with taxes. We understand. It is unusual for us as well.
5/20/20 - PPP Loan Forgiveness Application and New Frequently Asked Questions Released
The sample Paycheck Protection Program (PPP) loan forgiveness application for loan forgiveness under the PPP was made available late last week. While the sample application does not answer all the questions we have, it does provide some clarity. AHP’s recent blog post provides an overview.
5/7/20 - Governor Whitmer Extends Stay Home, Stay Safe Order and Releases Details on MI Safe Start Plan
Earlier today, Governor Gretchen Whitmer announced the extension of Michigan’s Stay Home, Stay Safe order through May 28th. She then released details on the phased approach of the MI Safe Start Plan, a plan to re-engage Michigan’s economy. Michigan is in phase three.
4/22/20 - Loan Forgiveness Through the Paycheck Protection Program: How Will it Work?
If you have already received your loan through the PPP, you may be wondering what you’ll need to do to apply for forgiveness at the end of your eight weeks.
4/14/20 - Self-Employed Workers, Gig Workers, 1099-Independent Contractors and Low-Wage Workers Can Now Apply for Federal Benefits
Workers need to use the UIA’s daily filing schedule based on their last names. Lean more about the COVID-19 CARES Act. The UIA assures every eligible worker in Michigan who applies for unemployment benefits that they will receive them. The UIA will be accepting claims and benefit applications back-dated to reflect the date on which the claimant was laid-off due to COVID-19, beyond the previously established 28-day period ($600 federal payment is only retroactive back to week ending April 4, 2020).
4/13/2020 - Additional Tax Extensions Announced Due to Coronavirus
On Thursday, April 9th, the US Department of Treasury and IRS expanded upon its previously announced tax filing and payment extensions.
4/8/2020 - Paycheck Protection Program FAQ Document Released
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has released a list of Frequently Asked Questions (FAQs) for borrowers and lenders regarding the Paycheck Protection Program (PPP). They’ll be updating this document on a regular basis.
4/1/2020 - Payroll Protection Program Offers Loans to Small Businesses to Keep Americans Employed
The Paycheck Protection Program (PPP) aims to help Americans stay employed by offering forgivable loans to small businesses to assist with payroll, rent, mortgage interest, and utilities. The opportunity to apply for the PPP is coming up soon and we wanted to provide you with a brief overview of the program and a list of resources.
3/30/2020 - Federal Loan Programs and Tax Incentives for Small Businesses Impacted by COVID-19
Assistance to small businesses impacted by the COVID-19 pandemic was specifically addressed in the recently signed CARES Act via federal loan programs and tax incentives. Included in this article is a summary of the loan provisions put into place by the CARES Act.
3/30/2020 - CARES Act Provides Relief for Individuals and Businesses Negatively Impacted by COVID-19
President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on Friday, March 27, 2020. The purpose of the CARES Act is to provide relief for individuals and businesses who have been negatively impacted by the COVID-19 pandemic.
3/27/20 - Application Process Now Live for Michigan Small Business Relief Program Funding
Michigan’s small businesses impacted by the COVID-19 virus can now apply for grants and loans through the Michigan Small Business Relief Program, the Michigan Economic Development Corporation announced today. The program will provide up to $20 million in grants and loans to provide economic assistance to Michigan’s small businesses that have been negatively impacted by the COVID-19 virus, and in turn help support workers and their families facing economic uncertainty during the outbreak. Information on how to apply, as well as eligibility criteria, is available at www.michiganbusiness.org/covid19.
3/26/20 - Considerations for When Your Business Must Lay Off Employees
Some businesses may have to lay off workers due to the Governor's stay at home executive order. The Unemployment Agency has suggested that employers place employees on temporary unpaid leave as opposed to termination.
3/25/20 - Families First Coronavirus Response Act
The IRS and US Department of Labor have announced refundable payroll tax credits that will provide dollar-for-dollar reimbursement for small and midsized employers (employers with fewer than 500 employees) providing paid leave for employees affected by COVID-19 between the effective date of April 1, 2020 and December 31, 2020.
3/24/20 - How to Manage COVID-19-Related Business Risks
The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around the globe do their best to minimize their exposure to the virus, business owners and managers face an uncertain and stressful future.
3/20/20 - Families First Coronavirus Response Act (Act)
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
3/20/20 - Federal and State Tax Filing Deadline Moved to July 15
On Friday, March 20th, Treasury Secretary Steven Mnuchin announced that the federal tax filing deadline would be moved from April 15th to July 15th.
3/19/20 - Governor Whitmer announces SBA loans now available for small businesses impacted by COVID-19
Governor Gretchen Whitmer announced today the U.S. Small Business Administration (SBA) has approved her request for a statewide Economic Injury Disaster Loan (EIDL) declaration, opening the opportunity to small businesses to access low-interest loans from the SBA.
3/19/20 - Vital Funding for State's Small Businesses Gains Michigan Strategic Fund Support
Economic assistance for small businesses around Michigan that have been negatively impacted by the COVID-19 virus gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today.
“We understand small businesses across our state are facing unprecedented challenges as we take every step possible to mitigate the spread of coronavirus,” said Governor Gretchen Whitmer. “Through decisive actions like those taken today by the MSF Board to authorize relief for small businesses throughout Michigan, we are leveraging every resource available to support our businesses, communities and entrepreneurs around the state impacted by this outbreak.”
3/18/20 - Tax Assistance for Michigan Small Businesses
The Michigan Department of Treasury announced effective immediately small businesses that are scheduled to make their monthly sales, use, and withholding tax on March 20th can postpone filing or payment until April 20th. The Treasury Department will waive penalties and interest for 30 days. The waiver is not available for accelerated sales, use, or withholding tax filers.
Further information on the Treasury providing tax assistance to small businesses due to COVID-19 can be found in: