Gordon Advisors Resource Center for COVID-19
SBA (7) lenders will begin accepting applications for Paycheck Protection Program loans starting April 3, 2020 for small businesses and sole proprietorships and April 10, 2020 for independent contractors and self-employed individuals. Initial program details have been released so that lenders can start working with their borrowers.
We expect there will be further guidance, processes and procedures issued by the SBA, and will continue to provide updates as they become available. We urge our clients to contact their SBA-certified lender as soon as possible. If you currently do not have a banking relationship with a SBA-certified lender, contact us for a list of banking referrals or visit www.sba.gov for a list of SBA lenders near you.
The health and safety of our team, clients, and the community are our top priority. We are no longer accepting visitors in our work place in light of Governor Whitmer signing the “Stay Home, Stay Safe” Executive Order. We will follow state and county guidelines and keep you updated as to when we will resume in-person meetings. Click on the link to see our outline on how we are addressing service during this crisis.
The Michigan Economic Development Corporation is providing immediate economic support to Michigan’s small businesses to overcome anticipated loss of revenue as a result of the COVID-19 virus
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available.
The State of Michigan is providing guidance to employers contemplating potential layoffs through presentations, webinars and fact sheets. Additionally, the state has provided resources for individuals facing unemployment.
The Small Business Administration (SBA) provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
Wolters Kluwer has put together an informative tax briefing regarding the CARES Act.
The Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Below are answers to frequently asked questions related to the relief provided in the Notice.
The Michigan Department of Treasury is waiving penalty and interest for the late payment of tax or the late filing of the return due on March 20, 2020. The waiver will be effective for a period of 30 days; therefore, any return or payment currently due on March 20, 2020 may be submitted to the Department without penalty or interest through April 20, 2020.
Governor Whitmer’s Executive Order 2020-26 has stated “an annual state income tax return otherwise due on April 15, 2020 will instead be due on July 15, 2020”.
The State of Michigan has dictated that only essential workers should be traveling to and from their place of employment.
The World Health Organization (WHO) is monitoring cases, answering questions and offering guidance to those in need during the COVID-19 outbreak.
The Centers for Disease Control and Prevention’s website has a page dedicated to COVID-19. You can check symptoms and learn more about how to protect yourself.
The Family and Medical Leave Act (FMLA) entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave.
Gordon Blogs and Additional Resources Regarding COVID-19
The COVID-19 virus has made fast, drastic changes to how we live and work. In an effort to help consolidate the various pieces of legislation and important information from the Department of Labor (DOL), we’ve created a list of the most frequently asked questions regarding unemployment insurance benefits, the Family and Medical Leave Act (FMLA), and the changes made by the FFCRA and the Fair Labor Standards Act (FLSA).
Congress passed and President Trump signed the Families First Coronavirus Response Act (FFCRA) on March 18, 2020; it will become law 15 days after the signing. The bill provides paid sick leave, free coronavirus testing, expansion of food assistance and unemployment benefits, and requires employers to provide additional protections for health care workers.
It was announced on March 20 that Tax Day has been postponed from April 15 to July 15 to coincide with the delayed tax payment deadline at the direction of President Trump. Treasury Secretary Steven Mnuchin announced the postponement via Twitter and said all taxpayers and businesses will have until July 15 to file and make payments without interest or penalties. Below is a summary of the 10 most common questions we are getting and the IRS’ response.
Small businesses are now eligible for up to $2 million in Economic Injury Disaster Loans from the Small Business Administration (SBA) after President Trump called for an additional $50 billion in funding to the SBA’s lending program from Congress in response to COVID-19.
Scammers are taking advantage of fears surrounding the Coronavirus. Here are some tips to help you keep the scammers at bay.
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor)
announced that small and midsize employers can begin taking advantage of two new refundable payroll tax
credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related
leave to their employees.
President signs bill providing testing, employment relief and moves Tax Day to July 15.
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