Employee Retention Credit (ERC) - December 2, 2022

Due to the COVID/pandemic, the federal government established the Employee Retention Credit (ERC) to provide a refundable employment tax credit to help businesses with the cost of keeping staff employed. Eligible businesses that experienced a…
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New Massachusetts Legislation Excludes Forgiven PPP Loan Amounts from Gross Income For Personal Income Taxpayers for Tax Year 2020 - April 6, 2021

On April 1, 2021, Governor Charlie Baker signed legislation which allows the exclusion of forgiven PPP loan amounts from gross income for 2020 for taxpayers subject to the Massachusetts personal income tax. This includes unincorporated businesses reporting income and expenses on Schedule…
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IRS Extends 2020 Federal Individual Income Tax Filing and Payment Deadline to May 17, 2021 – Massachusetts Expected to Follow Suit - March 19, 2021

On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) extended the individual income tax filing and payment deadline from April 15, 2021 to May 17, 2021. Individual taxpayers may also defer federal…
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The American Rescue Plan Act Provides Federal Tax Relief to 2020 Unemployment Recipients -Massachusetts DOR Cautions Taxable Amount of 2020 Unemployment Benefits May Differ From Federal Law. - March 18, 2021

On March 11, 2021, the American Rescue Plan Act was signed into law by President Biden. The Act includes a retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable for taxpayers having…
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Massachusetts DOR Issues Tax Guidance on Reporting PPP Forgiven Loans and Other COVID-19 Relief - March 11, 2021

On its Tax Filing Season Frequently Asked Questions web page, the Massachusetts Department of Revenue (DOR) recently provided answers to some common questions regarding tax treatment and reporting of Paycheck Protection Program (PPP) forgiven loans…
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Eligible PPP Expenses Now Deductible, Certain Other Changes To Existing PPP Loan Provisions, And A New Round of Funding - January 12, 2021

On January 6, 2021, the Treasury Department and Internal Revenue Service (“IRS”) issued IR-2021-02, which provides guidance allowing the deduction of eligible expenses when such payment would result (or be expected to result) in the…
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PPP Loan Forgiveness – What Borrowers Should Know - November 4, 2020

The SBA began allowing lenders to submit Paycheck Protection Program (PPP) loan forgiveness applications on August 10, 2020. Below is the timeline for the loan forgiveness phase of the PPP process. Two Key Questions Remain…
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SBA Simplifies Forgiveness Process for PPP Loans of $50K or Less - October 14, 2020

On October 8, 2020, the U.S. Small Business Administration (SBA) released Form 3508S in an effort to simplify and streamline the PPP loan forgiveness process on loans of $50,000 or less. The new form was…
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IRS Guidance on Small Business Closures - October 8, 2020

COVID-19 has hit small business particularly hard, and forced many to close their doors. Whether you are closing your business as a result of the current pandemic or for reasons such as retirement or starting…
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PPP Loans and Changes of Ownership - October 6, 2020

On October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice which addresses Paycheck Protection Program (PPP) loans and changes of ownership. The Notice provides guidance and clarification beneficial to loan borrowers needing…
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COVID-19 Small Business Relief Recap - August 19, 2020

Paycheck Protection Program The Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan made available to businesses with fewer than 500 employees (including sole proprietors, independent contractors and self-employed persons). Businesses in the…
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Accessing Your Retirement Funds Early Due To COVID-19 - July 24, 2020

The COVID-19 pandemic has resulted in high unemployment rates and left many households struggling to make ends meet. Under normal circumstances one would be advised to avoid accessing retirement account funds early. However, with the…
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Update: The U.S. House Joins Senate In Passing PPP Loan Extension Deadline - July 2, 2020

On Wednesday, the U.S. House voted to approve a five-week extension of the PPP loan application deadline. First passed by the Senate on Tuesday, the bill is now in the hands of President Trump, who…
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U.S. Senate Passes Legislation To Extend PPP Loan Application Deadline to August 8th - July 1, 2020

Late on Tuesday, June 30, 2020, the Senate passed legislation to extend the deadline for small businesses to apply for COVID-19 related aid under the Paycheck Protection Program (PPP) to August 8, 2020. While it…
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PPP Loan Forgiveness: Additional Guidance and Clarification - June 30, 2020

The path to PPP loan forgiveness continues to evolve. Below we provide a more detailed summary of the changes resulting from the Paycheck Protection Program Flexibility Act (PPPFA) as well as additional guidance and clarification…
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Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) - June 8, 2020

The PPPFA was signed into law by President Trump on June 5, 2020. The new law eases PPP loan requirements so that borrowers are better able to achieve full loan forgiveness. Following is a brief…
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U. S. Senate Clears Changes to Paycheck Protection Program - June 4, 2020

The U.S. Senate has passed by unanimous consent legislation introduced as the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. The bill which among other things extends the window for businesses to spend the…
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PPP Loan Bill Passed By The U.S. House Extends Deadlines and Relaxes Use Requirements - May 29, 2020

Yesterday, U.S. House lawmakers approved the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. If passed by the Senate and enacted as is, this legislation would do the following: Extend the PPP loan application…
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SBA Issues PPP Loan Forgiveness Application - May 26, 2020

The SBA has issued the application form that borrowers are required to submit when seeking PPP Loan forgiveness. It is important to note that borrowers may not file the loan forgiveness application until at least…
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SBA Extends Deadline For Repayment of PPP Loans To May 18, 2020 - May 15, 2020

Once again, the SBA has moved the safe harbor extension deadline for the return of PPP loans. Borrowers now have until May 18, 2020 to return the funds should they determine they are unable to…
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SBA Allows Lenders To Increase Certain Borrower Loan Amounts - May 15, 2020

On May 13, 2020, the SBA issued a new interim final rule that allows lenders to increase loan amounts made to partnerships and seasonal employers who had completed the loan application prior to interim rules…
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Economic Empowerment Grant, Support For Gateway City Small Businesses – Applications Due May 29, 2020 - May 8, 2020

As an acknowledgement of the devastating economic impact of COVID-19, the Massachusetts Office of Economic Empowerment (OEE) is offering a grant to small businesses registered in a Gateway City in Massachusetts. These cities are Attleboro,…
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PPP Loan Borrowers Given Additional Time To Decide If They Want To Return Their Loan - May 7, 2020

Borrowers now have until May 14th to return their PPP loans. The SBA has provided additional guidance to lenders and borrowers regarding the good faith certification requirements of the loan. This new information has led…
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PPP Loan Borrowers – Be Prepared To Prove Lack of Liquidity As A Basis For Your Loan - May 1, 2020

n the wake of the outcry following the release of information on large public companies that had received PPP loans, the SBA has provided additional guidance to lenders and borrowers regarding the good faith certification…
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Employee Retention Credit Available To Employers Financially Impacted By COVID-19 - April 27, 2020

The Employee Retention Credit is a fully refundable tax credit available to all non-governmental eligible employers, regardless of size, who retain and pay qualified wages and compensation (including qualified health plan expenses) to their employees…
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Federal Pandemic Unemployment Compensation - April 10, 2020

The CARES Act creates the Federal Pandemic Unemployment Compensation program (FPUC), which provides an additional $600 per week to individuals who are currently collecting regular unemployment benefits. The CARES Act also aids individuals not covered…
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SBA Loan Assistance - April 3, 2020

Paycheck Protection Program The Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan available to small businesses with fewer than 500 employees (including sole proprietors, independent contractors and self-employed persons). Businesses in the…
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Relief Bill: Stimulus Checks - March 30, 2020

As part of the $2 trillion economic relief bill signed into law by President Trump on March 27, 2020, the IRS will be sending payments to millions of Americans. At this time, here’s what we…
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Paid Leave for Workers - March 24, 2020

On March 18, 2020, the Families First Coronavirus Response Act (FFCRA) was signed into law by President Trump. The FFCRA becomes effective April 2, 2020 and expires on December 31, 2020 – it is not…
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COVID-19 Workforce Decisions - March 20, 2020

The national state of emergency in response to the COVID-19 pandemic is forcing many employers to carefully weigh their workforce options. Some employers have been able to continue business operations by implementing remote work arrangements…
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