Covid-19

SBA Announces Changes to COVID-19 EIDL Loans

The U.S. Small Business Administration (SBA) recently announced a major update to the COVID-19 Economic Injury Disaster Loan (EIDL) program. As of the week of April 6, 2021, the maximum loan amount for COVID-19 EIDLs will increase to $500,000.

Under the CARES Act, the EIDL program was expanded to cover eligible businesses experiencing substantial economic …

IRS Announces Individual Tax Deadline Extension

For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of the fallout of the coronavirus pandemic and the legislation that has resulted from it, which has added complexity to tax filings and systemic strain to the U.S. tax …

American Rescue Plan Act

After a day of tense debate, the American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6. The $1.9 trillion relief bill now returns to the House for the body to approve the changes made in the Senate; it is expected to pass quickly and then be sent on to …

SBA and Biden Administration Announce PPP Prioritization for Small Businesses

On February 22nd, President Biden announced a temporary change to the Paycheck Protection Program (PPP) aimed at helping small businesses. A follow-up release from the U.S. Small Business Administration (SBA) details the following steps that the department has implemented to support small businesses through the PPP process:

Creation of a two-week period, starting February …

Michigan Small Business Survival Grant Program

The Michigan Small Business Survival Grant Program has been allocated $55 million to provide funding to small businesses that have been disproportionately impacted by COVID-19. The funds will be distributed to 15 local or nonprofit economic development organizations (EDO). The EDOs will be responsible for reviewing, approving, and disbursing funds to businesses in their …

New Paycheck Protection Program Guidance Released

On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items:

An interim …