Resources
DIRECT LINKS TO OFFICIAL AGENCIES
• Stimulus Check Status - View Status, Payment Type, or Update Bank Account Information
• Congress.gov - List of Legislations created in response to Coronavirus
- Federal Coronavirus Landing Page
• Michigan.gov - State of Michigan
Coronavirus Landing Page
-Sales Tax & Withholding Portal
• UIA Home - State of Michigan Unemployment Agency
Loan Programs
U.S. TREASURY, SBA HOMEPAGE, AND MORE.
• U.S. Treasury - Official PPP Forgiveness Application: Downloadable/Printable PDF for EZ-Application & Full Application
• Disaster Assistance - U.S. SBA
(Disaster Assistance Landing Page)
• SBDC - Small Business Development Center (Provides information & Webinars RE: SBA Loans)
Additional Info
• U.S. Department of Education
- Coronavirus and Forebearance Info
Federal student loan garnishments issued by the Federal government are suspended until September 30, 2020.
This does not apply to private student loan garnishments or any other garnishment.
Doors Are Open for Pick-ups / Drop-offs
LAST UPDATED: JULY 02, 2020 10: 06 AM
UPDATE: We have officially re-opened our doors. Although we want to remain cautious at this time, we are only recommending that a mask is worn to enter, but it is NOT a requirement. Hand sanitizer and disposable masks will be available up front for use. Please be mindful and only take or use items as needed, as we have a limited supply.
Tax Appointments: We are NOT scheduling face-to-face appointments at this time. Telephone or video conferences are available upon request, but we are strongly urging clients to drop-off their tax information. Please include the best contact number to allow your accountant to reach out if there are any additional questions or items needed to complete your return. One of our staff members will communicate with you once your return is available for pick-up. Provide your full name, last and then first, upon pick-up.
Thank you for understanding and bearing with us as we continue to adhere and implement practices that ensure our office is a safe space for both our clients and employees. We wish everyone a Happy Fourth of July, and we truly appreciate your patience with us in the midst of this pandemic.
Sincerely, All of Us at Tri-County Bookkeepers
PPP Loan: NEW Forgiveness Application
LAST UPDATED: JULY 02, 2020 10: 06 AM
The PPP Flexibility Act of 2020 was signed by The President of the United States on June 5, 2020. As mentioned previously, the original forgiveness application that was made available near the end of May has been completely revised into a more borrower-friendly application.
Highlighted Revisions Include:
- Application Deadline Changed: From June 30, 2020 to December 31, 2020
- Covered Period: Extended from 8 weeks to 24 weeks (from initial disbursement of the loan)
- Total Payroll Cost Requirement Reduced: From 75% to 60%
- Safe Harbor Period Deadline: Extended from June 30, 2020 to December 31, 2020
- Payment Deferral: Extended from 6 weeks of initial loan disbursement to the "date on which the amount of forgiveness determined under Section 1106 of the CARES Act is remitted by the lender".
- Loan Maturity: Extended to a minimum of 5 years for PPP loans disbursed on or after the date of the enactment of the PPP Flexibility Act. For PPP loans disbursed PRIOR to its enactment: Borrowers and lenders are permitted to mutually agree on modifying existing maturity terms to conform with the new 5 years maturity that is available for any remaining balances leftover after their forgiveness determination.
To retrieve a copy of the NEW Forgiveness Application, please visit:
• https://home.treasury.gov/news/press-releases/sm1036
Please note that it is unclear whether this is the FINAL revision to the PPP Loan Forgiveness Application or if the application may be revised closer to the end of the year. We ask that you continue to have patience with us as we learn more about the forgiveness process through new or upcoming legislations and direct updates from the Small Business Administration or the United States Treasury.
IF YOU DID NOT APPLY FOR THE PAYROLL PROTECTION PROGRAM OR RECEIVE A PPP LOAN, YOU MAY BE ELIGIBLE FOR THE 'EMPLOYEE RETENTION CREDIT'.
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages that an eligible employer pays to employees between March 12, 2020 through December 31, 2020. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience either:
- the full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19, or
- a significant decline in gross receipts.
A significant decline in gross receipts begins:
- on the first day of the first calendar quarter of 2020
- for which an employer’s gross receipts are less than 50% of its gross receipts for the same calendar quarter in 2019
The significant decline in gross receipts ends:
- on the first day of the first calendar quarter following the calendar quarter
- in which gross receipts are more than of 80% of its gross receipts for the same calendar quarter in 2019
The credit applies to qualified wages (including certain health plan expenses) paid during this period or any calendar quarter in which operations were suspended.
For Full Details, please visit:
• https://www.irs.gov/coronavirus/employee-retention-credit
Updates Regarding Personal/Business & Payroll Tax Filing
TAX RETURN DEADLINES PUSHED
FEDERAL - ISSUED: MARCH 17, 2020 & STATE - ISSUED: MARCH 27, 2020
Treasury Secretary Steven Mnuchin said that taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days (4/15/20 deadlines extended to 7/15/20). Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed. The IRS, using authority under President Trump’s national emergency declaration, will waive interest and penalties as well. During this three-month deferral period, taxpayers won’t be subject to interest and penalties. The tax deadline delay pushes the due date for last year’s returns and taxes from April 15, 2020 to July 15, 2020. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less.
Sources:
• AICPA - State Tax Filing Relief Chart for Coronavirus
• Executive Order No. 2020-26 - The Office of Governor Gretchen Whitmer
UNEMPLOYMENT INFORMATION
Contemplating Potential Layoffs?
If your business is being affected by the Coronavirus (COVID-19) pandemic, we urge you to follow the link below. The Department of Labor and Economic Opportunity has provided a guide for Michigan employers on how to avoid potential layoffs related to COVID-19.
Click Here: State Provided Guidance
• UIA Home - State of Michigan Unemployment Agency
• MiWAM - UIA Portal for Employers
The State of Michigan is temporarily expanding unemployment eligibility and cost-sharing. For more information, please click the link below:
The Office of Governor Gretchen Whitmer - Executive Order 2020-10 (COVID-19)
Work Share Program:
Information for EMPLOYERS - Fact Sheet #156 (PDF)
Information for EMPLOYEES - Fact Sheet #160 (PDF)
Notice to Employers & Seeking Work Waivers:
Please visit MiWAM to read the notice to employers who are temporarily laying off workers. The Agency provides a link with information about the time-frame for requesting the waiver, as well as the instructions on how to request the waiver.