COVID-19 Resource Center
Main Street Lending Program Update
AAFCPAs would like to make clients aware that on June 8th, 2020, the Federal Reserve announced changes to its Main Street Lending Program to “allow more small and medium-sized businesses to be able to receive support.” The changes include: Lowering the minimum loan size for certain loans to $250,000 from $500,000; Increasing the maximum loan […]
IRS Provides Answers About Coronavirus Related Tax Relief for Qualified Opportunity Funds and Investors
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) provided guidance recently for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. Notice 2020-39 answers questions regarding relief from certain requirements under section 1400Z-2 of the Internal Revenue Code (Code) and the implementing […]
Overcome Cyber Security Challenges of a Remote Workforce
COVID-19 has challenged businesses to think about operations in a new way, and in many cases, your IT specialists may be supporting employees for the first time ever that were never intended or conceived to be remote or fully remote. With an increased risk of employees falling prey to cyber-attacks, AAFCPAs advises clients to create […]
PPP Flexibility Act Extends Covered Period of Loan
AAFCPAs would like to make clients aware that on June 5, 2020 the President signed into effect the Paycheck Protection Program (PPP) Flexibility Act, which would provide greater flexibility in how businesses may spend PPP loan proceeds. The act provides new flexibility to PPP borrowers, including: Expanding the original 8-week forgiveness period to 24 weeks. […]
Regulatory Alert: Unemployment Scams & Snail Mail Stimulus Payments
Nationwide Unemployment Scam Targets Massachusetts Claimants AAFCPAs would like to make clients aware that on May 27th, 2020, the Massachusetts Department of Unemployment Assistance (DUA) announced that 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 […]
PPP Guidance on Hazard Pay, Bonuses, and Employees Who Decline to Return
AAFCPAs would like to make clients aware that the Small Business Administration (SBA) released an interim final rule on May 22nd confirming and clarifying a few points related to the Paycheck Protection Program (PPP) forgiveness calculation. Hazard Pay & Bonuses On page 11 of the interim final rule, the SBA clarifies that bonuses or hazard […]
MA Tax Implications of a Remote Employee Due to COVID-19
AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue (DOR) issued a Technical Information Release (TIR) describing the Massachusetts personal income and withholding tax implications of an employee working remotely in a state other than the state where the employee previously worked, solely due to the Coronavirus pandemic. The TIR explains […]
Watch Now: AAFCPAs’ Guidance on SBA Loan Forgiveness Application
On Friday, May 15, 2020, the Small Business Administration (SBA) released its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application & Instructions. When the PPP loan program was announced back in March, it left business owners and their advisors with more questions than answers. The application and instructions are not without issues, but they do […]
AAFCPAs Guidance on SBA Loan Forgiveness Application
UPDATE: On June 5th, the president signed into law the PPP flexibility act. You may read about those changes here: PPP Flexibility Act Extends Covered Period of Loan. As of June 16th, the SBA has yet to update their forgiveness application and therefore this blog will be updated once a new version of the application […]