Monthly Archives: March 2020

Penalties and Interest Waived for 30 days for Some Sales, Use and Withholding Tax Filers (March 18, 2020 11:08 AM) Small businesses that have experienced disrupted operations due to the COVID-19 pandemic now have additional time to make their sales, use and withholding tax monthly payment, according to the Michigan Department of Treasury. Effective immediately, small businesses scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. The state Treasury Department will waive all penalties and interest for 30 days. “The past week has been hard for small businesses owners across the state as we work to mitigate the spread of coronavirus,” Gov. Gretchen Whitmer said. “Allowing them more time to pay their monthly tax payments will help us provide some much-needed assistance. I will continue doing everything I can to ensure our small businesses have the support they need during this time. We will get through this together.” Specific information about Treasury providing tax assistance to small businesses due to COVID-19 can be found in SUW Penalty and Interest Waiver Notice. “Our small businesses are important drivers of Michigan’s economy,” State Treasurer Rachael Eubanks said. “This…

Requests Statewide SBA Disaster Declaration to Unlock Access to Emergency Loans for Michigan Businesses (March 17, 2020 9:38 PM) Governor Gretchen Whitmer today formally requested the U.S. Small Business Administration issue an Economic Injury Disaster declaration for the state. “I understand that small businesses across our state are facing unprecedented challenges in the wake of the COVID-19 pandemic,” said Governor Whitmer. “I requested this disaster declaration from SBA as a critical step to ensure every possible resource is made available to businesses, communities, entrepreneurs and others around the state.” “This request and supporting application is the result of the hard work and collaboration of the Michigan Small Business Development Center and partners around the state pulling together and demonstrating our state’s resilience in working to overcome the temporary loss of revenue businesses are experiencing as a result of coronavirus,” said Mark Burton, CEO of the Michigan Economic Development Corporation. “We appreciate their significant efforts and will continue to leverage every resource possible to support our businesses, and the livelihoods they provide, throughout Michigan.” Earlier this month, Congress passed legislation that makes $1 billion available to the SBA to provide low-interest loans to small businesses, small agricultural cooperatives, and nonprofits that…