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Afflicted Business Relief Grants
Afflicted Business Relief Grant Applications Open March 1st The State of Michigan will distribute up to $409 million of its American Rescue Plan Act fundsas grants to eligible businesses who have suffered financial hardship due to COVID-19. The Michigan Department of Treasury is administering this grant.
Three Tax Planning Tips for 2021
As the 2021 calendar year comes to a close, it’s important to keep your eyes open on tax changes so you can be prepared for the filing season. Here are some important planning tips: 1. Deduct Business Meals The treatment of business meals and entertainment (either through a business entity or through an individual’s sole proprietorship) has changed significantly since
American Rescue Plan Provides Additional Tax Benefits
On Thursday March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, H.R. 1319. This is the third major relief package to help Americans who are struggling with losses and setbacks from COVID-19 related government lockdowns and countermeasures. Following the $1.7 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) of March 2020, and the $900
SBA Opens Second Round of PPP Applications
On Saturday, January 9th the Treasury and the SBA released new PPP guidance and application forms. The new guidance includes overviews of the First and Second PPP draws and the Revised PPP1-Borrower-Application-Form and Second-Draw-Borrower-Application-Form.
Consolidated Appropriations Act of 2021 Offers Help to Businesses and Individuals
Christmas came early this year! As part of the Consolidated Appropriations Act of 2021, Congress has passed a stimulus package (“COVID-related Tax Relief Act of 2020”) that has provided a variety of useful provisions and clarifications for individual and business taxpayers alike. While not as comprehensive as the CARES Act passed earlier this year, it provides much-needed aid.
Large SBA Loans Require SBA Form 3509
Under the Paycheck Protection Program (PPP), borrowers who received a PPP loan in excess of $2 million, whether from a single loan or the combined total (together with affiliates), have known for a while that their loans would receive increased attention from the Small Business Administration (SBA). To that end, the SBA Form 3509 must be submitted for loan amounts