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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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Reminder: CPA License Renewal and CPE Deadline Extended to September 30
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The Board of Public Accountancy voted to extend the June 30 deadline for even-year license renewals and CPE requirements to September 30 and to extend the firm affidavit deadline to November 2.
According to the official release, "before renewing online, individual licensees must have completed the required 80 hours of continuing professional education (CPE), including at least four hours in ethics, from July 1, 2018 through September 30, 2020, or the license will expire."
Licensees who renew before June 30: CPE obtained July through September will count toward the next renewal cycle.
To read the official notice from the Board of Public Accountancy, click here.
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Massachusetts Senate Approves Vote-by-Mail Legislation
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This week, the Massachusetts Senate passed vote-by-mail legislation, which provides voters with additional options to vote in the November election and seeks to alleviate Election Day poll traffic as we deal with COVID-19.
Under this bill, Secretary of State William Galvin is required to mail every registered Massachusetts voter an application for a ballot by July 15 and to create an online portal by October 1 for voters to request a vote-by-mail ballot for the November election.
The legislation now goes back to the Massachusetts House of Representatives for debate and a final vote before going to the Governor's desk for his signature.
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Next COVID-19 Relief Package Expected in July/August
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The U.S. Congress is likely to pass its next COVID-19 financial relief package in July or August. The U.S. House passed the $3 trillion HEROES Act in mid-May, but hit a dead end in the U.S. Senate. Both parties are at a stand-still and disagree on whether another round of relief is needed and if so, how much money is adequate.
The next round of financial relief is likely to include money to assist state and local governments close crippling budget gaps and language for some form of liability protection. Citing "potentially disastrous budget shortfalls" for state and local governments, and among other critical reasons, a group of over 140 of the country's top economists wrote to congressional leaders this week, urging them to take up the next financial relief bill soon. We will provide you with more information on this as we receive it.
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Small Business Administration (SBA), Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) Information
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Small Business Administration (SBA) and U.S. Treasury Release New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program (PPP)
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Yesterday, the U.S. Treasury and SBA released a new EZ version of the forgiveness application that "requires fewer calculations and less documentation for eligible borrowers."
This applies to borrowers who are self-employed and those with no employees; employers who did not reduce salaries or wages by more than 25% and did not reduce employee hours; and those who experience a reduction in business activity.
For more information and to view the EZ Forgiveness Application, click here.
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Webinar: Our Evolving Economy Amid COVID-19: What You Need to Know Now (6/24) |
Join TD Bank Chief Economist Beata Caranci as she delves into the global, U.S., Canada and New England regional economic outlook and explores other key topics like U.S. and Canadian fiscal and monetary policy during COVID-19. To register for this event, RSVP to Jennifer.Miller3@td.com.
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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UAA Model Rule Change to Support CPA Evolution
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Massachusetts Resources
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Additional information on this will be posted here as it becomes available.
Massachusetts Health Connector:
The Health Connector extended its enrollment period through June 23 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.
Department of Public Health: Click here to read updates from the DPH regarding COVID-19.
Division of Local Services (DLS):
For those who work with cities and towns across the Commonwealth, the DLS has a dedicated webpage that provides finance guidance to city and town officials related to the state of emergency. For more information, click here.
For urgently needed guidance, please email the DLS.
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Resources for CPAs
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