Changes have been made to the employee retention credit due to the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Find out if you can take advantage of these changes.
Small businesses can apply for additional financial aid nowMore than 100,000 Michigan businesses were granted funding by the Paycheck Protection Program last spring. Let AFS Taxsavers help your business get your PPP funding! Contact us below! Tax Preparations / FilingPPP loan applications / ForgivenessAccounting & much more!! Contact us at (734)464-3660Or visit www.afstaxsavers.com
|Were you open at any time between April and June?|
FREE College Tuition is now available to Michigan’s Essential Workers who were required to work from April through June despite the dangers of COVID-19.
On Thursday Michigan’s Governor Whitmer announced the ‘Futures for Frontliners’ bill. This bill is inspired by the G.I. Bill that provided college education to those serving their country in WWII. She originally announced it in April but provided more information last Thursday. Under the program, people who worked frontline jobs during the peak of the coronavirus outbreak between April and June will be eligible for a free high school completion program, community college degree or both. The program is not just for medical workers, it also covers people who worked in places such as manufacturing, nursing homes, grocery stores, sanitation, delivery, retail and more. Around 625,000 Michigan essential workers will be eligible.
To be eligible for the program, an applicant must:
· Be a Michigan resident
· Have worked in an essential industry at least part-time for 11 of the 13 weeks between April 1 — June 30
· Have been required to work outside the home at least some of the time between April 1 — June 30
· Not have previously earned an associate or bachelor’s degree
· Not be in default on a federal student loan
· Complete a ‘Futures for Frontliners’ scholarship application
by 11:59 p.m. Dec. 31
Currently the free college is limited to community colleges. There is no age limit or income cap to be eligible for the program. The program is funded by $24 million from the Governor’s Education Emergency Relief Fund (GEER) which was appropriated through the federal CARES Act.
At AFS Taxsavers our mission is to assist your business to grow, and become profitable by providing timely, accurate accounting, tax and financial services, and information to the individual and the business community in a professional atmosphere at a reasonable cost.
If you have any questions about the ‘Futures for Frontliners’ program or would like to hear about how we can help you and your business prepare for the future, please let us know.
President Donald Trump’s payroll tax deferral took effect on September 1. The deferral allows employees to delay until Dec. 31 paying the 6.2% tax that comes out of paychecks for Social Security.
We are advising employers against implementing it because the burden is on the employer to collect and remit the extra taxes in January – April 2021. Here’s a brief presentation on how it works for employees, and what employers might be considering. Please contact us with any questions regarding the program.
New Grant Alert! The State of Michigan is offering a new grant, Michigan Small Business Restart Program. Applications will launch on July 15, 2020.
Any questions give AFS Taxsavers a call (734) 464-3660.
Please click the link below:
Attention all Wayne County small business owners. On Monday, June 29th, there will be a new grant available. Full program guidelines can be found in the link below. Apply as soon as possible! Last time the county offered a grant like this the funds didn’t last long. Follow the link below for more information! https://www.waynecounty.com/backtowork/small-business-grant-program.aspx?fbclid=IwAR0gEXwLroLUjcPY6D8edS0x2d5TJP-bawL-yiTUSkLvnQ3ywpdo7Iv2O9M