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Wednesday, October 21, 2020PPE Resilience Grant Funding
There is grant money available until the end of 2020 to help your manufacturing company become more agile and part of the Industry 4.0 age. It’s a unique program available to the first 300 qualified manufacturers. There are also opportunities for manufacturing adjacent companies (e.g., distributors, installers, service and support, and light fabricators) in a related program. Working with Automation Alley, Oakland County is funding consultations, training and equipment that can help your company change
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Tuesday, October 20, 2020PPP Double Jeopardy: Loan Forgiveness and Tax Implications
A few weeks ago, the IRS weighed in on the deductibility of the expenses used as the basis for a company’s PPP loan forgiveness application. Unfortunately for taxpayers, the IRS made the determination that any expenses claimed as part of a company’s PPP loan forgiveness application would not be deductible on their 2020 tax return. While this position appears to conflict with the original intent behind the PPP program, the IRS is not expected to change its guidance unless congress were to make a technical
Friday, October 16, 2020FORD CHINA POSTS LARGEST YEAR-OVER-YEAR SALES INCREASE SINCE 2016; THIRD QUARTER SALES GREW 25.4 PERCENT
Total of 164,352 vehicles were sold in the third quarter, representing a 25.4 percent growth year-over-year and a 3.6 percent increase compared to second quarter 2020Ford, Lincoln and JMC brand vehicles saw double-digit year-over-year growthFavorable product mix, enhanced by newly launched vehicles, sustained strong growth as Chinese consumer demand continued to increaseSHANGHAI, Oct. 16, 2020 – Ford and its joint ventures, Changan Ford, JMC and Ford Lio-Ho, sold 164,352 vehicles in Greater China in the
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Thursday, October 15, 2020How CPAs Help Clients During a Pandemic
Most of us are aware that CPAs are important advisors. But at a time when the country is dealing with economic changes and hardships, they play a particularly critical role. In the past, such as in the Great Recession, CPAs helped small businesses navigate vast uncertainty. And after the Tax Cuts and Jobs Act passed, they helped people and businesses alike understand how they were impacted by the new laws. Now faced with the economic uncertainty and tax implications of COVID-19, CPAs yet again are in a
Thursday, October 15, 2020SBA Provides Simplified Process for PPP Forgiveness for Loans of $50,000 or Less
The U.S. Small Business Administration released a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to the more than 100,000 small businesses here in Michigan that have received PPP loans to date. Borrowers with loans of $50,000 or less are also now exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE)
Wednesday, October 14, 2020FORD BECOMES FIRST CORPORATE PARTNER TO THE COPPER MARK, ASSURING ENVIRONMENTAL COMMITMENT IN ITS SUPPLY CHAIN
The Copper Mark is the first and only comprehensive social and environmental assurance program for copper production; Ford’s partnership with the program aligns with the company’s goal to responsibly source its raw materialsFord uses significant quantities of copper in instrument panel wiring, engine wiring, cables and convertersThrough an extensive process, The Copper Mark assesses the management practices of copper mines, smelters and refiners in categories that include human rights, labor and working
Tuesday, October 13, 2020FY21 STEP Funding Available for up to 75 Percent of Eligible Export Activities
October marks the beginning of a new fiscal year at MEDC and the International Trade Program has a new allocation of Michigan State Trade Expansion Program (MI-STEP) funds available. MI-STEP helps companies increase their reach in international markets by providing financial assistance to offset the cost of eligible export activities. On Sept. 22, 2020, the U.S. Small Business Administration (SBA) presented Michigan with the top STEP award in the nation of $1.35 million for fiscal year 2021. With additional
Tuesday, October 13, 2020DTE Energy Foundation announces first-of-its-kind funding for Michigan domestic violence shelters
Grants will be awarded to all state-approved domestic violence shelters in Michigan during October, National Domestic Violence Awareness MonthDETROIT, Oct. 23, 2019 /PRNewswire/ -- The DTE Energy Foundation today announced that it will provide $400,000 in grants to all state-approved domestic violence shelters across Michigan, from Escanaba to Monroe, in recognition of National Domestic Violence Awareness Month. These 44 domestic violence shelters may use the funds to not only support critical services, but
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Thursday, October 08, 2020What Comes After COVID-19?
Impacts of Global Pandemic on Manufacturing Automation and Strategic Planning The COVID-19 pandemic has impacted businesses around the world by disrupting supply chains, impacting cash flow and accelerating the pace of digital transformation. However, instead of dwelling on the negative aspects of the situation, it’s time to plan for the future. Companies need to develop a strategic comeback plan to guide them on the path of growth. Here are some recommendations to put businesses in the best future
Thursday, October 08, 2020The State of Mask Requirements and Other Limitations
On Friday, October 2, 2020, the Michigan Supreme Court issued an opinion which stated that the statutes Governor Gretchen Whitmer has been relying on as the source of the authority to issue executive orders either do not authorize the Governor’s actions or are unconstitutional. The opinion from the Michigan Supreme Court affects many of the requirements the Governor had put in place in Michigan. The Michigan Supreme Court opinion also resulted in new executive action from both the Michigan Department of
Wednesday, October 07, 2020Marsh & McLennan Agency Welcomes Tyrone Jordan as Vice President, Health & Benefits
Troy, Michigan – October 7, 2020 – Marsh & McLennan Agency LLC (MMA) recently welcomed Tyrone Jordan as a vice president with the health and benefits practice in Troy, Mich. An established group benefits professional, Jordan has developed an expertise helping public sector and non-profit entities meet their fiscal management targets. Jordan’s understanding of union relations and contract negotiations has also proven valuable to private entities in achieving their people and business management
Monday, October 05, 2020STEP Changes That You’ll Love
The Michigan State Trade Expansion Program (MI-STEP) helps eligible businesses increase their reach in international markets by providing financial assistance to offset the cost of export-related activities. On September 22, changes to the program were approved by the Michigan Strategic Fund (MSF) that will open additional access to financial assistance, facilitating more opportunities for international business development. Changes to MI-STEP include: An increase in the maximum grant reimbursement from
Friday, October 02, 2020SBA Issues Guidance on Change of Ownership Process for Entities That Received PPP Loans
On Friday, October 2, 2020, the Small Business Administration (SBA) released a Procedural Notice (Notice) addressing the required procedures for changes of ownership of an entity that has received a Paycheck Protection Program (PPP) loan. The Notice is effective as of October 2, 2020. Pursuant to the Notice, a “change of ownership” occurs when: 1.At least 20% of the common stock or other ownership interest of a PPP borrower (including a publicly traded entity) is sold or transferred, whether in one or
Thursday, October 01, 2020Oakland Together Cultural Institution COVID-19 Support Grant
The Oakland Together Cultural Institution COVID-19 Support grant program allows Oakland County to award grants of up to $50,000 to arts, cultural and stewardship organizations. Oakland County supports and values cultural institutions as valuable partners and assets for the residents of Oakland County. The availability of cultural content contributes to the mental health and well-being of Oakland County residents. They play an essential role in the maintenance, conservation, stewardship, revitalization,
Thursday, October 01, 2020Ford Announces Operational and Leadership Changes; Will Drive Growth, Improve Execution, Speed Transformation
Jim Farley outlines key goals and organizational changes today as he becomes 11th CEO in company’s 117-year historyPlan is to turn around automotive operations; allocate capital to Ford’s strongest franchises and high-growth opportunities; produce compelling, uniquely Ford electric vehicles at scale; and stand up new AV-enabled businessesObjectives include top-line growth, operational excellence, high quality and customer satisfaction, sustained adjusted EBIT margins of 8%, strong automotive adjusted free
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Monday, September 28, 2020Navigating Global Trade During a Worldwide Pandemic
When COVID-19 emerged, global trade was brought to a standstill. In fact, the World Trade Organization expects nearly every region to suffer double-digit declines in growth, global commerce to fall by up to 32%, and sectors with more complexity, like the automotive industry, to take even steeper dives. Manufacturers in Michigan, who export over $56 billion in goods every year, were hit hard by the fallout, too. Today, the global economy has slowly begun to recover, but as factories reopen and ships once
Monday, September 28, 2020UM Researchers Say Oakland County Economy Well- Positioned for Solid Rebound from COVID-19 Pandemic
PONTIAC, Mich. – Sept. 21, 2020 – Oakland County’s small businesses and workforce took the brunt of COVID-19’s economic tsunami but the county’s overall economic diversity and solid fundamentals positions it well for an economic recovery, University of Michigan experts said today. Researchers Dr. Gabriel M. Ehrlich and Donald Grimes told a virtual audience for the 35th annual Economic Outlook Forecast that the number of small businesses open in Oakland County fell by nearly 50 percent from January when the
Monday, September 28, 2020Back to the Movies: State of Michigan Moves to Permit Gatherings and Events
On September 25, 2020, Governor Gretchen Whitmer issued Executive Order 2020-183 (Amended Safe Start Order) amending Michigan’s Safe Start Plan to permit larger indoor gatherings and open certain places of public accommodation as of 12:01 a.m. on October 9, 2020. Governor Whitmer also issued Executive Order 2020-184 (Amended Safeguards Order) updating the safeguards to protect Michigan workers. Finally, Governor Whitmer issued Executive Order 2020-185 to amend Executive Order 2020-142 to require all
Monday, September 28, 2020GM Investing $71 Million in Two Ohio Manufacturing Plants
Company allocates $39 million to Toledo transmission plant and $32 million to Defiance casting plant, further strengthening its manufacturing presence in OhioWARREN, Mich. — General Motors announced today plans to invest $71 million into two Ohio manufacturing facilities, including $39 million at its Toledo transmission plant and $32 million at its Defiance casting plant. Work will begin immediately at the two locations. These investments will enable GM to retain 240 good-paying U.S. manufacturing
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Thursday, September 24, 2020Accounting for PPP Loan Forgiveness
We have been receiving many questions lately about the PPP loan and forgiveness requirements. Here are some of the most common questions we are hearing from companies:How should we account for the forgiveness of our PPP Loan?The PPP Loan recorded as debt on our balance sheet is causing us to be in violation of covenants with our bank, what should we do? If you have taken the time to search through the FASB Codification (FASB) for the appropriate US Generally Accepted Accounting Principles (US GAAP)
Thursday, September 24, 2020Diversity Champion Award Winner - APACC
The Asian Pacific American Chamber of Commerce (APACC) is the Diversity Champion Award Winner for Corp! Magazine's 2020 Salute to Diversity. Michigan's rich diversity and multiculturalism drives creativity and innovation in business. For more than a decade, Corp! has recognized businesses, organizations, and leaders who champion diversity, equity, and inclusion initiatives and achievements within their organization or the community. Corp! Magazine's Salute to Diversity is an educational event and awards
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Wednesday, September 23, 2020Automation is the Solution for Maximizing ROI
Advance manufacturers around the world build different things with different workflows in different places. Yet there is one thing that remains the same among them all: the drive to create a higher performing product as efficiently as possible. As more and more companies face those pressures, a number of them are now adopting Industry 4.0 technology to adapt their workflows to the 21st century. And as a result of embracing this evolution, these businesses are reaping the benefits. As the “fourth
Wednesday, September 23, 2020ICONMA Offers New Comprehensive COVID-19 Medical Screening Solution
The safety and comfortability of our workforce is a top priority of ICONMA as many companies resume operations in the physical workplace. As our clients continue to navigate the challenges of COVID-19, we’re expanding our current solutions to offer an all-encompassing package for employees returning back to the office. In addition to ICONMA’s current COVID-19 Medical Screening that includes temperature readings and questionnaires, we’re including the option of at-home testing, on-site testing, as well
Monday, September 21, 2020Marsh & McLennan Agency's Growing Health & Wellbeing Team Moves to Troy's PNC Center
Troy, Michigan – September 21, 2020 … Marsh & McLennan Agency’s health and wellbeing practice based in Troy, Michigan, is moving to a new location in Troy. Effective September 28, 2020, the practice will occupy nearly two floors in the PNC Center. The new address is: 755 W. Big Beaver RdSuite 2300Troy, Michigan 48084 The health and wellbeing practice had occupied its current space for sixteen years and grew from 53 employees in 2005 to 130 employees in 2020. The practice has added benefits
Monday, June 29, 2020ICONMA's COVID-19 Medical Screening Service Helps Companies Get a Safe Start
In an effort to keep the communities of our clients and employees safe, ICONMA recently launched our COVID-19 Medical Screening Service. With the protection of our client's workforce top of mind, our newest service offering will allow for a secure work environment as many companies begin to resume onsite activities. ICONMA's COVID-19 Medical Screeners perform temperature readings, conduct questionnaires, and make pass/fail determinations of all individuals who are screened for COVID-19. With
