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 info@a3arts.org. Thank you!

With appreciation to elected officials, media, fact-checkers & UHY*!

Federal Legislation
  + the 411 for workers & businesses

Click the links below:

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.

Paycheck Protection Program Extended Through August 8 

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. 

Federal Reserve Board announces it will be seeking public feedback on proposal to expand its Main Street Lending Program to provide access to credit for nonprofit organizations

SBA releases PPP loan forgiveness application– UHY

SBA clarifies PPP ‘good faith’ certifications – UHY

Required minimum distributions waived for 2020 – UHY

Virtual estate planning solutions  – UHY

Clarification on deductibility of PPP loan expenses – UHY

Tax deadline reminder – Don’t wait until the last minute to file your returns by the July 15 deadline. – UHY

Congress Passes Paycheck Protection Program Flexibility Act– UHY

SBA releases PPP loan forgiveness application  -UHY

SBA clarifies PPP ‘good faith’ certifications -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 to issue prepaid debit cards instead of checks for Economic Impact payments.

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.

Senate passes $484 billion bill that would expand small-business aid, boost money for hospitals and testing 4/21

Clarification on Deductibility of PPP Loan Expenses – UHY

Main Street Lending Program – support coming to middle market businesses – UHY

Payroll Tax Deferral Provided By Cares Act – UHY

Cares Act Provides Additional Relief through Qualified Retirement Plans – UHY

More taxpayer relief from IRS – filing and payment obligations due between April 1, 2020, and July 15, 2020. – UHY

Gift tax returns extended until July 15, – UHY

Congress passes CARES Act; Details on Paycheck Protection, – UHY

Senate passes CARES Act  – UHY

Guidance to employers contemplating potential layoffs– UHY

Initial guidance on new sick pay credits– UHY

IRS issues guidance on July 15 tax deadline – UHY

Families First Coronavirus Response Act Signed – UHY

Final details on 90-day tax payment deferral, – UHY

Temporary expansion of unemployment and cost sharing, – UHY

Treasury Delays April 15 Tax Payment Deadline By 90 Days For Millions – Filing date remains April 15.

The Families First Coronavirus Response Act: What It Does For Employees Who Need Paid Sick Leave

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

Effective preservation and deployment of cash– UHY

Identifying sources of waste for business process optimization– UHY

How businesses can identify profit drivers to maximize recovery– UHY

Reprioritizing your business to drive innovation– UHY

Lining up your workforce for recovery – UHY

U.S. Congress

Contact your elected officials

U.S. Senator Gary Peters
Senator@peters.senate.gov
313-226-6020

U.S. Senator Debbie Stabenow
senator@stabenow.senate.gov
517-203-1760

U.S. Representative Debbie Dingell MI-12
Congresswoman.Dingell@mail.house.gov
313-278-2936

U.S. Representative Tim Walberg
MI-7
517-780-9075

LOCAL MEDIA SOURCES

WEMU 89.1 FM
Local news coverage plus local arts + creative coverage including:

Bridge Magazine 
Michigan’  nonprofit, nonpartisan news organization.

Concentrate
Concentrate Magazine tells the narrative of Washtenaw County’s narrative people and businesses, new development, cool places to live, and the best places to work and play.

All About Ann Arbor  – WDIV Click on Detroit

*We thank UHY, our awesome finance firm, for sending regular updates and allowing us to sharing them with you. Look for those marked UHY.

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