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The MSCPA Legislative Brief offers you information and resources available through federal and state governments regarding business loan programs, Department of Labor (DOL) and Department of Health (DOH) updates, and news as it relates to the impacts of COVID-19 on our profession, the economy and our Society. For more information, visit the MSCPA's Coronavirus Resource Center.
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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PPP Loan Expenses Not Deductible - IRS Notice 2020-32
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Last week, the IRS published Notice 2020-32 stating that expenses on a forgiven PPP loan are not deductible. As we believe that this notice goes against the intent of the Coronavirus Aid, Relief and Economic Security (CARES) Act, we are working with the AICPA to urge Congress to pass legislation that will allow for businesses to deduct PPP-forgiven expenses, which are normally deductible. We sent letters to Senator Warren and Senator Markey requesting them to sign on as co-sponsors to S.3612, the Small Business Expense Protection Act of 2020, which would clarify the intent of the CARES Act regarding the deductibility of the PPP loan proceeds. As always, we will share information with you as we receive it.
To read our letter to Senator Warren, click here.
To read our letter to Senator Markey, click here.
To read more about the notice's provisions and the AICPA's response, click here.
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PPP Safe Harbor Deadline Extended to May 14
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In an updated FAQ posted this week, the Small Business Administration (SBA) extended the May 7 safe harbor deadline for loan repayment to May 14. The SBA also plans to provide additional guidance to assist recipients in determining eligibility. To learn more about the extension, click here. To view an updated copy of the PPP FAQs, click here.
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Economic Impact Payment (EIP) Information
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The IRS provided further guidance on the economic impact payments that have gone out across the country. In light of recent news that deceased individuals have also received such payments, the IRS included
Question 10,
which states that payments sent to individuals who died before receipt of the EIP should be returned.
Question 41
outlines the return process.
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April 2020 Tax Collections Fall $2.3B Short of April 2019
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Massachusetts collected $1.981 billion in taxes in April, which is down 54% from April 2019. The challenge remains for the Baker administration and state legislators to ensure a balanced budget for this fiscal year and to form next fiscal year's budget based on this and future tax collection data. We should know more in the coming weeks and will share the information as we receive it.
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Historic Remote Vote Sends Borrowing Bill to Senate
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The Massachusetts House of Representatives held its first remote session Wednesday to debate Governor Baker's short-term borrowing bill to ensure a balanced budget for this fiscal year. In an unanimous 157-0 vote, the House passed the Governor's bill that authorizes the treasurer to borrow money to fill any spending gaps for the remainder of the fiscal year. The bill now goes to the Senate, which met today.
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New SBA Guidance for PPP
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DOR & IRS Updates
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New England Advocacy Coalition
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In March, MSCPA President and CEO Amy Pitter formed the New England Advocacy Coalition, which is comprised of CEOs from each of the New England state societies. To stay in touch and share best practices, the group agreed to meet once every quarter and share monthly updates distributed via newsletters graciously compiled by our friends at the Connecticut Society of CPAs. We are excited about this endeavor and look forward to building upon our strong relationships with our friends and neighbors.
To read the May issue of the New England CPA Society Government Relations Update, click here.
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Massachusetts Relief Programs
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Massachusetts COVID-19 Relief Fund
The relief fund is dedicated to supporting healthcare workers, first responders, frontline essential employees and our most vulnerable neighbors. To learn more, click here.
Small Business Relief & Assistance
Some local banks and municipalities may be providing relief for residents and small businesses that are experiencing issues making rent or mortgage payments. Call your city or town hall to inquire. Click here to view a list of available programs.
Safely Support Those in Need during the COVID-19 Outbreak
Many firms and companies are giving back to their communities in a number of creative ways. Please check out this list of Massachusetts organizations you can give back to as an individual or as a firm/company.
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DPH Updates
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Click here to read updates from the Massachusetts Department of Public Health (DPH) regarding COVID-19.
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DOL Updates
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The DOL is now processing Unemployment Insurance (UI) applications for self-employed individuals. To apply, click here.
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Massachusetts Health Connector Enrollment Period Extended
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The Health Connector extended its enrollment period through May 25 due to the COVID-19 outbreak. If you've lost your health insurance due to a job loss and want to see if you qualify for health coverage, click here.
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Connect with Your Peers on The HUB
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To ask questions and share resources with your fellow CPAs in Massachusetts, you can always head to our online community. New posts and information are being added every day. Head to The HUB by clicking here.
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