COVID-19 Update: New PPP Funds, Michigan Tax Extensions, and New Executive Order

The SBA Resumes Accepting Paycheck Protection Program Applications Today

With the additional funding provided by the new COVID-19 relief package, the SBA was scheduled to begin processing applications this morning that were already in the queue. They will process on a first come, first-served basis.

 

Learn more about the PPP and other funding options at the SBA’s Coronavirus Relief Options page.

 

Additional Resource: Business Client Notification — Paycheck Protection Program Considerations

 

Additional Michigan Tax Extensions Were Recently Announced – Does Not Automatically Include Michigan Cities 

The Michigan Department of Treasury expanded upon its previously announced tax filing and payment extensions to mirror the US Department of Treasury.

 

In general, all individual, trust, and composite Michigan state tax returns and tax payments due on or after April 15, 2020 are automatically extended until July 15, 2020 and corporate returns and tax payments due on or after April 30, 2020 are automatically extended until July 31, 2020 without penalties or interest.  This includes balances due with or extension payments for the 2019 tax returns and first and second quarter 2020 estimated payments.

 

This extension does not apply to Michigan city income taxes. Balances due with or extension payments for the 2019 tax returns and first quarter 2020 estimated payments remain extended until July 31, 2020 under the previously released Executive Order 2020-26; however, second quarter 2020 estimates remain due on their original due date of June 30, 2020, unless changed by their respective city income tax administrator.

 

AHP Tax Due Date Chart

 

Governor Extends Stay at Home Order Through May 15 

With Governor Whitmer’s Executive Order 2020-59, the Andrews Hooper Pavlik PLC offices will remain closed through at least May 15th. Our professionals are working remotely and are still able to assist you.

 

The best way to communicate with your AHP professional is through email. Not sure what their email address is? Just send an email to ahpinfo@ahpplc.com and we’ll get you in contact with the appropriate person.

 

AHP has created a page on our website dedicated to the coronavirus pandemic and how it will affect your personal and/or business financial matters. It will contain news as it becomes available, as well as links to other COVID-19 resources. You can find the page here.

 

Follow us on Facebook and LinkedIn to stay up to date on announcements.

 

Any accounting, business, or tax advice contained in this communication, including attachments and links to outside sources, is not intended as a thorough analysis of specific issues, nor a substitute for a formal opinion, nor was it written to be used to avoid tax related penalties.

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