MRPR Blog

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 million Coronavirus Aid, Relief, and Economic Security Act (CARES) of March 2020, and the $900 billion Consolidated Appropriations Act (CAA) of December 2020, the $1.9 trillion American Rescue Plan Act “the Act” provides several tax benefits for individuals and businesses alike.

On Saturday, January 9^th 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.

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.

Internships offer young professionals an opportunity to see what business is like outside of the classroom. Today's interns expect inclusion and real-world exposure to daily activities. They're there to do more than just take meeting notes and fetch coffee --they're there to learn. That's why we designed our internship program to closely mimic an entry-level accountant position with our firm, including exposure to all aspects of accounting and client services.

This past week, new PPP forgiveness applications were released by the SBA to simplify the process and mirror the language of the PPP Flexibility Act that was signed into law earlier this month. We're here to clarify some of the changes to the application and shed light on a newly updated interim final rule.

We watched this week as another chapter unfolds in the PPP saga.

The Small Business Administration (SBA) has released a Loan Forgiveness Application for the Paycheck Protection Program (PPP), which was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The application and its instructions provide step-by-step guidance on calculating a borrower's PPP loan forgiveness amount. The application is much anticipated and helps clarify some of the questions we referred to in our previously published Top Ten Questions About the PPP blog -- but not all. The SBA and the U.S. Treasury have indicated they will continue to release guidance on the forgiveness calculation.

On May 21, 2020, Governor Whitmer announced Executive Order 2020-97 (amending Executive Order 2020-91) which indicates that all businesses or operations that are permitted to require their employees to leave the homes or residences for work under Executive Order 2020-92 (since amended to Executive Order 2020-96 and extended through June 12, 2020 under EO 2020-100) and any order that follows it, must, at a minimum:

The COVID-19 pandemic has had far-reaching consequences across the entire business world and one of the most hard-hitting effects has been the reduction of cash flow throughout nearly all business lines. Invoices are not getting paid on time, monthly bills are accumulating, and for some businesses, (like restaurants and theaters) activity and cash inflow may be completely stopped. To provide some relief to businesses affected by the coronavirus, Congress recently passed the CARES Act which offers the possibility of a one-time infusion of cash in the form of tax refunds.

We have gathered the notable updates, guidance, and reminders from the Department of Labor (DOL) and Internal Revenue Service (IRS) regarding the Families First Coronavirus Response Act (FFCRA) and Unemployment Insurance Agency (UIA).