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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 Forgiveness Guidance Issued by U.S. Treasury and SBA
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Late last week, the U.S. Treasury and SBA released updated guidance that clarifies parts of the Paycheck Protection Program as it relates to the loan forgiveness process. Updates include, but are not limited to:
- Implementing alternative methods to determine the eight-week payment period;
- Clarifying when non-payroll costs must be paid; and
- Employers' ability to reduce the number of full-time equivalent employees if an employee declines a good faith offer to return to work at the same pay rate and hours as before being furloughed or laid off.
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Paycheck Protection Program Flexibility Act of 2020
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- Expanding the eight-week forgiveness period;
- Eliminating the non-payroll expense restrictions;
- Extending the repayment period to a minimum maturity of five years after application for forgiveness with a remaining balance;
- Access to payroll tax deferment for businesses that received PPP loans; and
- Extending the rehiring deadline to align with expiration of enhanced Unemployment Insurance benefits.
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Nationwide Unemployment Scam Targets Massachusetts Claimants
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The Massachusetts Department of Unemployment Assistance (DUA) issued a press release alerting Massachusetts residents of a large-scale criminal scheme that steals personal identities in order to file illegitimate unemployment assistance claims.
According to the DUA, "criminal enterprises in possession of stolen personal information from earlier national data breaches have been attempting to file large amounts of illegitimate unemployment claims through the Massachusetts DUA system."
The DUA is implementing additional security measures to ensure the validity of each claim. We understand that people whose identity was stolen received letters in the mail indicating the amount of money available to them through Unemployment Insurance. Please be vigilant.
If you believe you may have had a false unemployment claim filed using your identity, contact the DUA here or at 877.626.6800.
Additional information on this will be posted here as it becomes available.
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UAA Model Rule Change to Support CPA Evolution
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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. The exposure draft issued by NASBA updates the educational requirements that create more flexibility and consistency and would:
- Align the UAA Model Rules with what many state boards of accountancy are already requiring today;
- Recognize the large role technology plays in the CPA profession today;
- Help students in their pursuit of 150 credit hours by expanding the number of credit hours that can be earned through internships; and
- Clarify the role that accreditation plays when a state board of accountancy is reviewing a candidate's transcript.
The AICPA governing council voted to pass CPA Evolution last week, and the NASBA board of directors is expected to address this issue this summer.
The public comment period is open until August 31, 2020 and can be emailed to uaacomments@nasba.org.
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Reopening Massachusetts
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Governor Baker and Lt. Governor Polito released their plan to reopen the Massachusetts economy in four phases and by requiring businesses to adhere to strict reopening health and safety guidelines. The first phase began on May 18 and includes the construction and manufacturing industries as well as places of worship and outdoor recreation areas. The second phase began on May 25 and includes office spaces outside of Boston, hair salons and barbershops, car washes and other businesses.
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Virtual Town Hall with AICPA President and CEO (6/16)
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The COVID-19 pandemic is presenting challenges and opportunities for the accounting profession.
Barry Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs (AICPA),
will discuss how the profession is addressing disruption and reimagining its services to remain trusted advisers in a complex, rapidly changing world. Topics will include the innovation of core services, new and emerging technologies and the evolution of CPA licensure.
MSCPA members will receive 1 CPE credit. To register, click here.
Date:
Tuesday, June 16
Time:
4:00 - 5:00 p.m.
Price:
Free for MSCPA members | $50 for non-members
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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Resources for CPAs
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