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MEDC And US Treasury Rush To Aid Small Businesses

U.S. Small Business Administration (SBA) to provide federal disaster loans

 

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Updated CISA Guidance on Essential Services
The Department of Homeland Security (DHS) has updated its Cybersecurity and Infrastructure Security Agency (CISA) guidance on critical workers.  This new guidance specifically references accounting services as a stand-alone. If a state executive order points to CISA guidance, accounting is now encompassed as an essential business based on the March 28, 2020 guidance.

Please remember that even if designated as critical infrastructure workers, in-person activities are only permitted if those activities are necessary to sustain or protect life and follow the outlined conditions. All work that can be done remotely, must be done remotely.
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MEDC and US Treasury Rush to Aid Small Businesses
The Michigan Economic Development Corporation (MEDC) announced Friday that applications are now open for the Michigan Small Business Relief Program, with $20 million in available aid expected to benefit at least 1,100 businesses across the state. Nationally, U.S. Treasury Secretary Steve Mnuchin expects the small business loan program, a component of the $2 trillion stimulus package, to be up and running this week, Fortune reports. According to Mnuchin, the stimulus package should provide economic relief that would cover a period of eight to ten weeks for workers and businesses.
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Small Business Administration Loan Assistance
Today, the U.S. Small Business Administration (SBA) released information on their expedited application process to release federal disaster loans for businesses, private non-profits, homeowners and renters. The application also outlines qualifying size standards for businesses.
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After 23 years as President & CEO of the MICPA, Peggy Dzierzawski, said goodbye to the association and MICPA team she calls family today. Peggy welcomed her successor, Bob Doyle to the association five weeks ago, and officially handed him the reins during a virtual meeting held with staff earlier this afternoon.

In his first blog post, Bob Doyle, the new President & CEO, shares his thoughts on Peggy and his first few weeks with the MICPA

Michigan Treasury Warns of Stimulus Phishing Attempts
Earlier this month, both the State Treasury and Attorney General’s office were subjected to attempted phishing scams. Now, State Treasurer Rachael Eubanks is warning taxpayers, and especially tax professionals, to be vigilant regarding direct deposit scams. In reported cases, taxpayers and preparers are being asked to verify banking information over the phone or to click a link that goes to a fake website to submit personal information. Scammers then use the personal details to change direct deposit information and intercept federal checks.
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Scammers Deploy EFIN Phishing Lure
The MICPA received recent alerts of a new scam aimed at tax professionals currently making rounds via email. The scam presents itself as an official communication from the IRS, including an accurate contact name from the agency, Carol Campbell. Check out our article for more details, including images of emails sent to tax professionals, as wells as tips for identifying and avoiding other phishy situations.
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Top Accounting Standards Boards Feel the Crunch
Accounting standards are feeling the effects of a global pandemic, as the Governmental Accounting Standards Board considers  postponing effective dates of pronouncements related to Fiduciary Activities and Leases amid government office closures across the country. Meanwhile, the Journal of Accountancy reports the CARES Act will circumvent the latest Financial Accounting Standards Board update to Financial Instruments – Credit Losses until either the national emergency terminates or Dec. 31, 2020, whichever occurs first.
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AICPA Pushes for Broader Tax Relief and Clarification
In a letter issued to the U.S. Treasury and IRS on Friday, the AICPA requested that all federal income tax, information returns, and payments deadlines be extended to July 15, 2020. The AICPA also presented a list of 10 pointed questions for clarification on specific tax situations as they relate to current extensions outlined in Notice 2020-18.
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IRS Launches People First Initiative
As part of the on-going effort to ease the financial burden of countless Americans unable to work due to COVID-19 disruption, the IRS made several adjustments to agency functions. Among these are suspensions for installment agreements, certain field collection efforts and automated liens and levies, to name a few.
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Putting the T-A-X in Stimulus
The CARES Act may not be a tax bill, but the massive aid package is loaded with tax measures which facilitate many of its features, according to the Journal of Accountancy. From health plans to payroll tax delays, this article breaks down every tax provision included in the CARES Act.
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Student Loan Borrowers Receive Longer, Automatic Extension
The Coronavirus Aid, Relief, and Economic Security (CARES) Act will provide student loan borrowers a six-month hiatus from payments and penalties, Market Watch reports. The CARES Act extends the two-month pause President Trump announced earlier in March and will be granted automatically to applicable federal student loans at zero interest.
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Hindered Economic Activity Leading to Recession
The actions related to containing the COVID-19 pandemic have severely hindered economic activity in the U.S. and globally. While the immediate implications are daunting – the economic shock is being matched in speed, size and scope by unprecedented policy actions from the Fed, the U.S government and governments worldwide. Recessions have produced opportunities, and this one should be no different. Consider redeploying cash in a disciplined cost-averaging strategy and hiring active managers who can select stocks and bonds amid the disruption.
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Expectations vs. Reality: The CFO Perspective on Coronavirus Disruption
Earlier in March, PwC began conducting a biweekly survey aimed at comparing the initial expectations and predictions regarding the overall impact of COVID-19 among finance professionals over time. Comprised of 55 finance professionals in the second round of surveys, 80% from Forbes 1000 companies in the U.S. and Mexico, the difference two weeks has made might surprise you.
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The Role of Company Culture in Fraud Prevention
Financial Management reports a new study shows company culture is a key factor in deterring misconduct and increasing morale and productivity. According to the report, a weak organizational culture is a breeding ground for scandal and risky behavior. Test the strength of your own company’s culture with this five-step assessment.
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Estate Planning Essentials for Business Owners
Death and money are conversation points most people tend to eschew, but when it comes to estate planning neither are avoidable. In this article, Lou Melone, CFP and managing partner at Budd, Melone & Company, explains the essential steps one must take in order to create an effective estate plan, particularly in the case of business owners.
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Members Advisory Symposium
Join us virtually to hear from the MICPA’s new President & CEO, Bob Doyle, and learn how the industry will be impacted by changes in technology, current economic conditions as well as emerging legislative and policy issues from experts across the profession.
Register Now

Is Your Retirement Properly Insured?
According to U.S. News and World Report, it takes careful deliberation to determine the types of insurance needed in retirement. This article addresses the most important forms of insurance for retirees as well as those that might be a waste of money.
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Silver Linings Playbook: Making Moves on Your Personal Finances
Lower interest rates are a textbook salve applied liberally by the Federal Reserve when volatile economic conditions call for intervention. While interest rates on credit cards, mortgages or savings accounts are not directly set by the Federal Reserve, the AICPA says Americans may nevertheless find opportunities to improve their personal finances as a result of March’s rate cuts.


Source: MICPA

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