MRPR Blog

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020. Since then, the IRS has issued several Notices with additional information and guidance related to the CARES Act including the tax rules applicable to employer-sponsored qualified retirement plans and individual retirement accounts (IRAs). Individuals and plan sponsors should be aware of these key provisions. Here are the highlights...

With supplemented unemployment benefits expiring this past week and the ongoing economic impact of COVID-19, the State of Michigan is leveraging federal funding through the CARES Act to continue to support the economic recovery of small businesses in the state. Two grant programs were recently announced, with funding up to $20,000 for qualified applicants. The application periods on both grants close next week, on the 5^th and 7^th of August. Below is a quick summary of each grant opportunity with links for additional information and access to the applications.

The IRS has revised Form 941 beginning with the filing of the 2^nd Quarter of 2020, in conjunction with reporting the various Covid-19 tax credits and deductions. Please use this as a reference to assist in reviewing the information that has been filed on Form 941 by your company or your payroll provider.

In Part 1 of our blog series on the SECURE Act, we discussed changes to individual retirement plans. In this article, we will explore how the SECURE Act offers improved flexibility for college savings plans and provides financial relief options for new parents.

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).