SBA Provides Loan Application Forms for Paycheck Protection Program

The stimulus bill signed into law by the President recently has set aside substantial funds to aid small businesses under a new loan program that is now in effect. If small businesses maintain payroll during this economic crisis, all or part of the money borrowed through the newly created Paycheck Protection Program can be forgiven. The goal is to help small business owners and their employees ride out this economic […]

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Loan Forgiveness Program under the CARES Act and The Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020. The CARES Act contains many sections and provisions applicable to numerous individual and business situations. For small business owners, the most helpful provision may be the new loan program called the Paycheck Protection Program (PPP).  This program is developed to assist small business owners to retain their employees and recall employees who have been […]

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The SECURE Act and its Impact on Your Estate Plan

President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) effective January 1, 2020. The Act brings major changes to IRAs and 401(k)s, including the ability to delay distributions, reduced flexibility for inherited IRAs, and penalty-free withdrawals for new parents. This article focuses on the impact the SECURE Act may have on your estate plan. As part of the estate planning process, clients focus […]

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CMDA Announces Four New Equity Partners

Cummings, McClorey, Davis & Acho, P.L.C. is thrilled to announce that Christopher G. Schultz, Timothy S. Ferrand, Allan C. Vander Laan, and Haider A. Kazim have been named Equity Partners of the Firm. Robert Blamer, CFO and equity partner of the Firm, explains, “Each of these attorneys has demonstrated the ability to run their office location effectively, making them profitable and vital to the long-term stability of the Firm. Further, […]

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Michigan Nonprofit Corporations Must File Annual Report by October 1, 2018

The Michigan Department of Licensing and Regulatory Affairs (LARA) Corporation, Securities & Commercial Licensing Bureau (CSCL) recently announced that 2018 annual reports for nonprofit corporations have been mailed to resident agents on record with the CSCL Corporations Division. Nonprofit corporations are required to file their annual report by October 1, 2018. Nonprofit corporations are those formed in which members may not receive any profits of the corporation. A nonprofit corporation […]

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Changes in Overtime Rules for Michigan Employers

The Fair Labor Standards Act (FLSA) has changed the overtime rules for certain salaried workers, which will be applicable to Michigan employers.  The changes are to be implemented on December 1, 2016.  Michigan business owners need to start planning now in order to avoid scrambling in November.  Many Michigan closely held businesses classify salaried employees as being exempt from the overtime rules as a means of controlling payroll costs.  An […]

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Estate Planning: A Continuous Process

Estate planning is a continuous process and estate plan documents should be reviewed at least every decade and upon any major changes in lifestyle or family structure. A basic estate plan includes a Will, a Medical Power of Attorney, and a Durable General Power of Attorney for financial matters. A Will addresses the distribution of assets, paying debts and taxes, and providing guardians and conservators for any minor children. A […]

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Employee Handbooks are Essential for Small Businesses

Clients frequently question the value of preparing an employee handbook.  Many small business owners do not provide employees with an updated, legally-sound handbook due to the anticipated time needed to develop it and/or the belief that it is not necessary since they have good relations with their employees.  Providing all employees with information on the company’s policies and guidelines, employee programs, attendance rules, and other work-related rules is one of […]

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2015 Year in Review: Monumental Milestone Recognized, Skilled Attorneys Hired, and Remarkable Anniversaries Celebrated

As a new year is upon us, we reflect back on 2015 and the successful year we had at CMDA. We recognized a monumental milestone, hired several attorneys, and celebrated some remarkable anniversaries. CMDA was honored to have celebrated our 50th Anniversary in 2015. This monumental anniversary would not have been possible without Owen Cummings, the founder of the Firm.  Mr. Cummings had a vision of developing a Firm whose […]

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Succession Planning: Now is the Time to Develop a Plan

As the economy progresses through an economic cycle and continues to improve, business owners are seeing the value of their business recover.  Now is a good time for business owners to develop a plan for their company’s future, even if retirement is not on the horizon. A succession plan is a long-term process put in place by the business owner that identifies who the business will be transferred to upon the […]

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