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05/13/2020 (PAYCHECK PROTECTION PROGRAM EXPENDITURE TRACKER). Keep track of your PPE Loan to ensure you are on track to have the loan forgiven by using the PPE Loan Spreadsheet.

05/11/2020 (PAYCHECK PROTECTION PROGRAM INFORMATION). If you have received funds from the Paycheck Protection Program, the American Institute of CPAs (AICPA) has provided the following documents to help you better understand your responsiblities if you want some/all of the money received to be forgiven:

NOTE: Number of full-time equivalent employees (FTEs) on 06/23/2020 must equal the number of employees on 02/15/2020, although they don't have to be the same employees.

04/15/2020 (ECONOMIC IMPACT PAYMENT INFO FOR FILERS). The IRS has updated its website to allow filers to update their payment information in order to do the following:

Check your payment status
Confirm payment type (direct deposit or check)
Enter bank account information for direct deposit if direct deposit information is not available and payment has not yet been issued

04/10/2020 (ECONOMIC IMPACT PAYMENT INFO FOR NON-FILERS). The IRS has updated its website to allow non-filers to update their payment information in order to receive their Economic Impact Payment if either of the following apply:

You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income; OR
You weren’t required to file a 2018 or 2019 federal income tax return for other reasons.

04/01/2020. The Small Business Administration, US Department of Labor (Wage & Hour Division) & US Treasury have posted the following helpful information and quick guides regarding some of the current financial assistance available to small businesses:

03/31/2020. Small business relief is available to businesses who have experienced setbacks due to COVID-19. Relief may include assistance from one of many resources including the following:

Small Business Administration. Economic Injury Disaster Loans (which may be forgivable) available for up to $10,000.
Paycheck Protection Program. Federal government is mandating that businesses contact their bank to enroll in this program.
State of MI. Businesses can apply for $10 million in grants & $10 million in loans through the MI Small Business Relief Program.
EXPIRED: Macomb County Small Business Relief Fund. APPLICATIONS DUE NO LATER THAN 04/03/2020. Qualifying businesses may be eligible for up to $10,000 in grants or placed in a pool for low interest loans.
Additional resources available here.

03/27/2020. Per Executive Order 2020-26, State of Michigan income tax filing and payment deadlines have been extended through 07/15/2020. City income tax filing and payment deadlines have been extended through 07/31/2020.

03/25/2020. IRA/HSA/MSA contribution deadline has been extended through 07/15/2020. Click here for IRS Q&A regarding filing & payment deadlines.

FEDERAL
Due date for filing taxes for 2019 have been extended through 07/15/2020.

This relief applies only to federal income tax payments (including payments of tax on self-employment income).

*NO EXTENSION IS PROVIDED FOR THE PAYMENT/DEPOSIT OF ANY OTHER TYPE OF* *FEDERAL TAX OR TAX/INFORMATION RETURN*

STATES
The American Institute of CPAs (AICPA) is continually posting updates on its website regarding changes to states deadlines as they emerge. To find out information regarding your state, click here.