The Michigan Strategic Fund has approved a $10 million grant program to assist small businesses who have been adversely affected by the Coronavirus pandemic.

The U.S. Small Business Administration, in conjunction with the U.S. Treasury Department, recently announced a simpler, more streamlined application (Form 3508S) for the forgiveness of Paycheck Protection Program (PPP) loans of $50,000 or less.

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations.

The Main Street Lending Program has been launched and the Paycheck Protection Program has a new, streamlined loan forgiveness application. This article contains a summary on both programs.

On Wednesday, June 3, 2020, the U.S. Senate passed proposed changes to the Paycheck Protection Program (PPP), expanding the time allotted for loan recipients to spend their funds and still qualify for loan forgiveness. The bill went on to President Trump and was signed into law on Friday. This article highlights the main points of the new law.