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We're working to keep you informed in a world that changes by the minute. If you have anything you'd like to share, or if we can help you in any way, please reach out to Zach Donah at zdonah@mscpaonline.org or 617.303.2411, or Larry Liuzzo at lliuzzo@mscpaonline.org or 617.303.2405.
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Congress Passes $900 Billion COVID Relief Bill
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Earlier this week, Congress passed a long-awaited relief bill to the tune of $900 billion. Congressional leaders in both parties said that additional relief will happen, but we do not expect further such legislation until after the new presidential administration takes office on January 20, 2021. Please note: Until the President signs the legislation, it will not take effect.
A few of the relief summaries included in the bill:
The omnibus bill also includes extensions to several tax credits and deductions that were set to expire. A summary of those provisions can be found here.
Because Massachusetts conforms to the IRC as of 2005, the income associated with forgiven PPP loans is not deductible. However, there is language in an economic development bill (Senate bill 2874) that addresses that specific issue, which is currently in a conference committee that we hope will be acted upon before the end of the Legislature’s legislative session at midnight on January 5.
We have been in touch with the Legislature to express our support and will provide you with updates as we learn more in the coming days.
A summary of the federal legislation can be found here.
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Governor Baker Files Unemployment Insurance (UI) Bill to Lower Employer Contribution Rate
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Last week, Governor Baker announced a bill that would lower the “contribution rate employers owe the state and would enable the state to start paying back money it borrowed from the federal government to cover UI costs during the pandemic.” With this bill, the employer contribution rate would increase roughly 17% per-employee cost in 2021, which is down from the previously set 60% increase.
At its peak, the Massachusetts Department of Unemployment Assistance facilitated more than one million UI benefits claims and reported that by October 31, the Unemployment Insurance Trust Fund had a deficit of $1.8 billion and expects to end 2021 with a deficit of $2.4 billion.
To read the full text of the bill, click here. |
Massachusetts to Provide $668 Million in Grants for Small Business Relief
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Governor Baker announced a $668 million small businesses relief fund through which eligible businesses may receive grant money of up to $75,000 for operating expenses.
The grants will be administered by the Massachusetts Growth Capital Corporation and applications will open next Thursday, December 31. More information will be posted on the Massachusetts Growth Capital Corporation website beginning Monday, December 28, which can be found here.
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Massachusetts Public Health Holiday Guidance
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Governor Baker is encouraging residents to celebrate the holidays with only those living in the same household and to cancel any plans to travel or visit with folks outside of your home. These calls come amid a surge in COVID-19-positive cases throughout the state.
The Baker administration released new temporary capacity and gathering limits that will take effect this Saturday, December 26 at 12:01 a.m.
and will remain so for at least two weeks.
To read the new order, click here.
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Massachusetts Department of Revenue (DOR) Extends Telecommuting Regulation – Announces Public Hearing (1/20/21)
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The Department of Revenue has scheduled a public hearing to discuss 830 CMR 62.5A.3: Massachusetts Source Income of Non-Residents Telecommuting due to COVID-19.
Date:
Wednesday, January 20
Time: 10:00 – 11:30 a.m.
To join the meeting online, click here. To join the meeting by phone, call 1.408.418.9388 and enter access code 179 242 3764.
For more information, click here.
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Massachusetts Unemployment Insurance Fraud Resources
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Unemployment Insurance Fraud is on the rise again.
If you believe you may have had a false unemployment claim filed using your identity, contact the DUA here or at 877.626.6800. Please stay vigilant.
For more information and resources, click here.
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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