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…
Covid-19
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…
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…
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)…
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…
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…
DECEMBER 2020 STIMULUS PACKAGE PASSED
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid…
Congress Enacts Additional Stimulus Legislation
On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus…
IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility
On November 18, the Internal Revenue Service (IRS) releasedRevenue Ruling 2020-27 andRevenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of…
SBA Clarifies Due Date of PPP Forgiveness Applications
On October 13, the U.S. Small Business Administration (SBA) released clarifying guidance regarding the due date of forgiveness applications for loans issued via the Paycheck Protection Program (PPP). A recent…