|
|
News & Updates from the MSCPA’s Government Affairs Team |
|
|
_1648901.jpg) |
|
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.
|
Governor Baker Files Bill to Address 2021 PPP Loans, Unemployment Insurance Trust Fund Deficit
|
Citing “an extraordinary fiscal year” and a healthy FY21 surplus, Governor Baker filed legislation yesterday that would make Paycheck Protection Program (PPP) and other federal loans nontaxable in Massachusetts for all recipients, dedicate $1 billion to the Unemployment Insurance (UI) Trust Fund, implement the charitable deduction this January and more.
As we have mentioned previously, legislation addressing PPP loans has widespread support in both houses of the Legislature and we continue to be in contact with key legislators on this important issue.
We look forward to continuing our work with the Legislature and will keep you updated as we learn more.
To read Governor Baker’s letter to the Legislature outlining the key provisions of his legislation, click here.
| 2020 Census: Massachusetts Population Grew by 480,000+ from 2010
|
Last week, the U.S. Census Bureau released initial 2020 Census data that show the Commonwealth’s population increased by over 480,000 people, or 7.4%, to roughly 7,029,917 people. Massachusetts is the fastest-growing state in New England and outpaced other states in the Northeast, which averaged a growth of about 4.1% since 2010.
There are now 10 municipalities with populations of over 100,000 people, including the city of Worcester, which now has a population of over 200,000 people. Twelve Massachusetts counties saw a population growth, while two, Berkshire and Franklin counties, have fewer residents today than in 2010.
The new Census data, with more to be released in the coming weeks, will be used to redraw state legislative and Congressional districts, a process sure to be closely watched and heavily scrutinized by legislators and members of Congress potentially impacted by the new data.
The Special Joint Committee on Redistricting overseeing the redistricting process has held a series of public meetings over the last few months and will schedule additional hearings once the newly proposed district maps become available.
We will provide you more information on the forthcoming Census data and redistricting process as we receive it.
| Small Business Administration (SBA) to Streamline Paycheck Protection Program (PPP) Forgiveness for Most Loans
|
The SBA launched an online portal that allows most PPP recipients to apply for loan forgiveness directly with the agency. This is part of the SBA’s initiative to speed up forgiveness for recipients of $150,000 or less.
To access the Direct Forgiveness Portal, click here.
| Major Update to Workforce Training Fund
|
Your upcoming CPE with us could be free, thanks to a recent change to the State Workforce Training and Express Fund! This program provides resources to MA businesses to fund training for employees.
On July 21, 2021, they announced an increase to the reimbursement from 50% to 100% for firms/companies with fewer than 100 employees, and 50% reimbursement for firms/companies with 100 or more employees. All MSCPA conferences, seminars and in-house trainings qualify for this program, so work with us to save on your CPE! You must be registered and apply for reimbursement three weeks in advance of the course to qualify – don’t delay!
| DOR & IRS Updates
| |
| Guidance for Paycheck Protection Program (PPP)
|
| |
|
 |
 |
|
|
|
|
|
Click
here
to unsubscribe from General - Membership News & Updates messages.
Click
here
to manage your email preferences.
|
©2021 mscpaonline.org | Massachusetts Society of CPAs
105 Chauncy Street, 10th Floor, Boston, MA 02111
|
|
