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 …
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 …
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 …
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 …
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 …
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 …
