This week's legislative news
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COVID-19 MSCPA Legislative Brief
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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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Massachusetts House of Representatives Approves $1 Billion COVID-19 Spending Bill
State Representatives approved Governor Baker's $1 billion supplemental budget bill yesterday. Both the Senate and House Committees on Ways and Means advanced the legislation on Monday with few changes to the details. The bill is funding for personal protective equipment, hospitals and health care providers, emergency child care, food security and more. Once passed and signed into law, Massachusetts is eligible for federal reimbursement for pandemic spending.

With FY20 ending June 30 Massachusetts legislators are still working to develop a budget for fiscal year 2020; it is unlikely the House will produce a FY2021 budget by July 1. While we understand that State House leaders eagerly await federal relief, it is highly unlikely that such monies will come before August. Without guarantee of an infusion of federal funds, certain tax increases are surely on the table. 

We hope to have more information on next year's budget and a clearer picture of the financial outlook for the next couple fiscal years soon, and we will share it with you when it's available. 
Small Business Administration Releases New Paycheck Protection Program (PPP) Guidance for Early Loan Forgiveness
The U.S. Treasury and Small Business Administration (SBA) released a new interim final rule specifically outlining the process to apply for early loan forgiveness. Stated in a recent Journal of Accountancy article, "PPP borrowers that apply for early loan forgiveness forfeit a safe-harbor provision allowing them to restore salaries or wages by December 31 and avoid reductions in the loan forgiveness they receive."

Other provisions clarified the new interim final rule include, but aren't limited to: 
  • Borrower responsibility to provide accurate calculations of loan forgiveness amounts;
  • Economic injury disaster loan advance amount deductions from PPP forgiveness amounts; and
  • Eligibility requirements for S-Corp owners relative to employer retirement contributions.
Reminder: CPA License Renewal and CPE Deadline Extended to September 30
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
Guidance for Paycheck Protection Program (PPP)
DOR & IRS Updates
U.S. Department of Labor Announce Online Portal for Paid Leave Eligibility
The U.S. Department of Labor (DOL) released an online portal through which workers can determine their eligibility for paid leave under the Families First Coronavirus Response Act (FFCRA).

To view the Families First Coronavirus Response Act FAQs, click here.
UAA Model Rule Change to Support CPA Evolution
The AICPA and NASBA leadership recently proposed changes to the UAA to ensure the CPA credential reflects the rapidly changing landscape of the accounting profession and the necessary skills CPAs need today and will need in the future. Read the exposure draft here.

The public comment period is open until August 31 and can be emailed to uaacomments@nasba.org
Massachusetts Resources
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.

Reopening Massachusetts: We are in Phase 2 of its reopening plan. For more information, click here.  

DUA Unemployment Scam: 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.

 
Additional information on this will be posted here as it becomes available. 

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
Resources for CPAs
For a full list of Massachusetts relief programs and professional resources, please visit the MSCPA's Coronavirus Resource Center for CPAs.

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