****This article originally appeared in the September 2020 issue of the Michigan Bar Journal**** Small businesses have a far larger impact on the United States economy than the term implies, accounting for almost half of our nation’s economic activity.(1) Small businesses have a similar outsized influence on Michigan’s economy and are created at much higher […]
As 2020 draws to a close, this is a good time for employers sponsoring retirement plans to wrap up year-end compliance issues and prepare for the upcoming year. Here is a quick list of topics that plan sponsors may want to consider as 2021 approaches. Year-End Deadlines As usual, plan sponsors should be aware of […]
On October 26, 2020, the U.S. Small Business Administration (SBA) announced its intention – via a notice in the Federal Register – to create two new standard form questionnaires relating to “need certifications” made by Paycheck Protection Program (PPP) borrowers that, together with their affiliates, received PPP loans of $2 million or more. These new […]
The IRS recently released inflation-adjusted limitations that apply to various employee benefits in 2021. Social Security Taxable Wage Base for 2021 The Social Security Administration recently announced that the maximum amount of earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. Retirement Plan Dollar Limitations for 2021 The […]
On October 30, 2020, the Federal Reserve (the Fed) announced that it had adjusted the terms of its Main Street Lending Program (MSLP) in two ways in an effort to better target financial support to smaller businesses. First, the Fed reduced the minimum loan size for three MSLP facilities available to for-profit and not-for-profit borrowers […]
As the COVID-19 pandemic continues, many employers have struggled with the practical problem of how to administer the various time extensions applicable to employee benefit plans due to COVID-19. On April 28, 2020, the DOL and IRS issued regulations (the “DOL/IRS regulations”) extending deadlines for individuals to request mid-year enrollments, exercise COBRA rights, pay COBRA […]
On October 12, 2020, Governor Gretchen Whitmer signed the “Clean Slate” Bills into law, reforming Michigan’s criminal expungement process. The seven-bill package enjoyed broad bipartisan support in both the Michigan House and Senate. These new laws make sweeping changes that will make it easier for people who have committed certain misdemeanors and non-violent felonies to […]
On September 22, President Trump signed controversial Executive Order 13950 on Combating Race and Sex Stereotyping. The Order seeks to limit certain elements of the so-called “divisive” diversity and EEO training that federal contractors and certain federal grant recipients provide to their employees. The Order applies to most government contracts, and is punishable by cancellation […]
On October 2, 2020, the U.S. Small Business Administration (SBA) issued a Procedural Notice relating to the impact of certain change of ownership transactions on PPP loans and borrowers. The Procedural Notice is critical and immediately relevant to participants in M&A transactions, equity sales or issuances, recapitalizations and similar transactions, even where these transactions may […]
On October 2, 2020, the IRS released Notice 2020-76, which—not surprisingly—extends both: (1) the deadline to furnish Forms 1095-C and 1095-B to individuals; and (2) the good-faith reporting relief. What may come as a surprise to some, the IRS announced that this extension will be the final extension of the good-faith reporting relief. In addition, […]
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