COVID-19 Federal Legislation +
411 for Workers & Businesses
The Arts Alliance is trying to collect legislation, business and finance information important to artists, creative workers, organizations and businesses and post it here. As is said, its like trying to drink from a fire hose! So in addition to our list, you will also find contact information for others in-the-know: U.S. and Michigan State legislators from Washtenaw County and a short list of media sources.
Please, if you discover updates, broken links, errors or new sources, contact us at firstname.lastname@example.org. Thank you!
With appreciation to elected officials, media, fact-checkers & UHY*!
+ the 411 for workers & businesses
Click the links below:
8.8.20 President’s Executive Orders
It covers two of the programs:
- Payroll Tax Deferral. The EO calls on the secretary of the Treasury to defer the withholding, deposit and payment of payroll taxes from Sept. 1, 2020 through Dec. 31, 2020.
- Assistance Program for Lost Wages. The EO provides that the federal government will set up a federal assistance program for lost wages to supplement unemployment benefits. The federal government would provide a $300 payment per week, with states covering an additional $100 payment, for a total of $400 for eligible claimants.
Congress Passes Partial UI Fix for Self-Insured Nonprofits– The Senate and House unanimously passed legislation clarifying that self-insured nonprofits do not have to pay 100 percent of their unemployment bill upfront and wait for repayment from the state. The Protecting Nonprofits from Catastrophic Cash Flow Strain Act (S.4209) fixes the requiring nonprofits to fully reimburse states for the costs of their COVID-19 related unemployment insurance (UI) claims and then seek to be repaid half of the money they just paid. Once the President signs the bill into law, which is expected, reimbursing nonprofits will be charged no more than 50 percent for their COVID-19 related UI claims due to a provision in the CARES Act.
SBDC Updates for Emergency Impact Disaster Loans REOPEN– $1,000 grants and low interest loans available for nonprofits, independent contractors, freelancers and gig workers. Here’s the link to apply.
Mainstreet Lending Program expanded to small and medium businesses. On June 8, 2020, the Federal Reserve announced the expansion of the to small and medium-size businesses. While these types of loans are not the forgivable type and were previously only available to major corporations, the terms may be attractive and provide much more flexibility for use of funds. $75 billion is being made available for these loans through the CARES Act.
Tax deadline reminder – Don’t wait until the last minute to file your returns by the July 15 deadline. – UHY
Audit-proofing your PPP loan – UHY outlines seven steps you can take to ensure that you aren’t stuck repaying a loan that you believed would have been forgivable.- UHY
Takeaways from PPP loan forgiveness application – Originally published by Accounting Today, UHY has put together a list of key takeaways from the PPP loan forgivenss application- UHY
Road to recovery – UHY
IRS Changes 990 Nonprofit filing deadlines– The deadline to file 990 forms and pay federal income tax – including some Forms 990-T, 1041 and 1120-POL – is extended to July 15, 2020.
More taxpayer relief from IRS – filing and payment obligations due between April 1, 2020, and July 15, 2020. – UHY
Senate passes CARES Act – UHY
Treasury Delays April 15 Tax Payment Deadline By 90 Days For Millions – Filing date remains April 15.
COVID-19 small business administration nonprofit loans at 2.75% made available to nonprofits: These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Remote auditing– UHY
Contact your elected officials
LOCAL MEDIA SOURCES
WEMU 89.1 FM
Local news coverage plus local arts + creative coverage including:
- Art & Soul with Lisa Barry
- Cinema Chat with Russ Collins of the Michigan Theater
- creative:impact with Deb Polich
- On the Ground Ypsi with Concentrate
Michigan’ nonprofit, nonpartisan news organization.
*We thank UHY, our awesome finance firm, for sending regular updates and allowing us to sharing them with you. Look for those marked UHY.