Loans, Grants & Financial Information
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Loans & Funding
Employee Retention Credit (ERC) Recovery
Employee Retention Credit (ERC) Tax Refunds
The CARES Act and subsequent legislation provided employers affected by the COVID-19 pandemic credits on their payroll taxes as an inducement to keep employees on their payroll and off unemployment. The ERC is a refundable tax credit per employee by an eligible employer. Qualified employers can receive up to $26,000 per employee! The ERC is available to qualified businesses including those who qualified for PPP loans. This is not a loan; refunds can be used for any purposes inside or outside the business. The recovery period, however, is limited to three years from the date the tax was originally due.
Growing MI Business Grant Program
Afflicted Business Relief
The Growing MI Business grant program is a program by the State of Michigan to distribute up to $409 Million of its American Rescue Plan Act funds to be awarded by grants for those who have suffered financial hardship from Covid-19. The program will support “Afflicted Businesses” – as defined by Public Act 132 of 2021 – that have experienced financial hardship as a result of the COVID-19 Pandemic.
Afflicted Business Relief Grant Applications Open March 1, 2022
Paycheck Protection Program Loan Forgiveness
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Restaurant Revitalization Fund
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Loans and Funding Webinars
January 14, 2021
Consolidated Appropriations Act Webinar
The Consolidated Appropriations Act is expansive and at nearly 5,600 pages, many are left with more questions than answers. Join John Pridnia, CPA, CGMA, Tom Shemanksi, CPA and Anthony Licavoli, CPA from Rehmann on Friday, […]
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