Economic Empowerment Grant, Support For Gateway City Small Businesses – Applications Due May 29, 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, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield,…

PPP Loans – IRS Denies Tax Deductions For Wages And Expenses

Yet another setback for the Paycheck Protection Program? This morning in our FYI post PPP Loan Borrowers – Be Prepared to Prove Lack of Liquidity As A Basis For Your Loan, we discussed new guidance from the SBA regarding the good faith certification and borrower liquidity. Like many others we have also been seeking clarification…

Federal Pandemic Unemployment Compensation

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 under traditional unemployment insurance such as the self-employed, gig economy workers and others. These new benefits will be funded at…

MA Taxpayer Returns/Payments Deadline

Massachusetts tax returns and payments for the 2019 calendar year otherwise due on April 15, 2020 are now due July 15, 2020. The July 15, 2020 due date applies to personal income tax, estate and tax trust income tax, and income tax due with a partnership composite return with an April 15, 2020 due date.…

SBA Loan Assistance

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 hospitality and food industry with more than one location may also be eligible at the store and location level if…

Relief Bill: Stimulus Checks

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 know and we will keep you posted as more guidance is provided by the government: The stimulus payment amounts will…