COVID-19 Business UPDATES

 

 

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 matters.

 

 

 

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.

Read more

 

 

 

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.

Read more

 

 

 

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).

Read more

 

 

 

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.

Read more

 

 

 

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.

Read more

 

 

 

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.

Read more

 

 

 

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.

Read more

 

 

 

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.

Read more

 

 

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.

Read more

 

 

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.

Read more

 

 

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.

Read more

 

 

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.

Read more

 

 

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.

  Read more

 


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.”

 Read more

 

 

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:

SUW Penalty and Interest Waiver Notice.

 

 

Resource Links:

AHP's Tax Filing and Payment Deadline Chart

CDC COVID-19 Resources for Businesses and Employers

Employee Rights Poster: The Families First Coronavirus Response Act (FFCRA) (PDF)

Federal Employee Rights Poster: The Families First Coronavirus Response Act (FFCRA) (PDF)

IRS Coronavirus Relief

Michigan Chamber of Commerce Coronavirus Toolkit

Michigan COVID-19 Resource

Michigan Economic Development Corporation COVID-19 Resources

Michigan Small Business Development Center

Michigan Treasury Department

Michigan Work Share Program Fact Sheet

Paycheck Protection Program (PPP) loan forgiveness application

PPP Loan Forgiveness Calculator

Small Business Association of MI COVID-19 Resources

SBA Paycheck Protection Program FAQ

Small Business Relief Fact Sheet

 

 

news and resources for businesses

 

CALL US Toll Free: 1-888-754-8478