Live Webinar: Reassess Employee Retention Credit Eligibility

Businesses & Charities across the Country are Failing to Take Advantage of the ERC! “The IRS management anticipated that approximately 70%-80% of small and medium businesses (as well as tens of thousands of charities) were good candidates for taking the ERC,” according to Forbes.com. “The reality is, to date the actual numbers of businesses and […]

Attention PPP Loan Recipients: Bulletin from the SBA

AAFCPAs would like to make clients aware of a recent bulletin issued by the Small Business Administration (SBA) affecting recipients of Paycheck Protection Program (PPP) Loans. The SBA sent this bulletin to lenders providing responses to some frequently asked questions and platform updates. While this bulletin was meant for lenders, some of the updates impact […]

MA HireNow Program Offers $4,000 Per New Employee Grant

AAFCPAs would like to make clients aware that the Baker-Polito Administration recently announced its “HireNow” Hiring and Training Employer Grant Program, which provides eligible employers with a $4,000 per employee grant. The grant may be used to cover training costs or as a signing bonus for new employees. The program is open to all Massachusetts […]

MGCC Deploys $75 Million to Small Businesses

MGCC Deploys $75 Million to Small Businesses

AAFCPAs’ client Massachusetts Growth Capital Corporation (MGCC) is offering two new grant programs for small businesses affected by the COVID-19 pandemic. These funds were appropriated through the state’s share of the American Rescue Plan Act (ARPA). There are two programs: The New Applicant Grant Program and The Inclusive Grant Program. Grants range from $10,000 – $75,000. […]

Massachusetts Emergency Paid Leave Act Updates

AAFCPAs would like to remind clients that in September of 2021, the state of Massachusetts extended their Emergency Paid Sick Leave Act, requiring employers to make paid leave time available to employees. These COVID-19 paid leave obligations will now continue until April 1st, 2022. The act is effective Friday, May 28th, 2021, through April 1st, […]

OSD Clarifies UFR Reporting of COVID-Related Funds

AAFCPAs recently received clarification for UFR filers related to reporting of certain COVID-related funding. (As a reminder, due to COVID-19, the Operational Service Division (OSD) granted a 30-day extension to the Uniform Financial Report (UFR) FY2021 filing deadline, now due December 15th. UFR filers are not required to file a request for this extension.) AAFCPAs […]

PPP Payment Due Dates Approaching

AAFCPAs reminds clients who received Paycheck Protection Program (PPP) loans of the payment due dates. PPP borrowers are eligible to apply for forgiveness at any time before their loans’ maturity date (loans made before June 5, 2020 generally have a two-year maturity, while loans made on or after that date have a five-year maturity, although […]

Treasury, IRS Provide Additional Guidance on Employee Retention Credit, Including for the Third and Fourth Quarters of 2021

Treasury, IRS Provide Additional Guidance on Employee Retention Credit, Including for the Third and Fourth Quarters of 2021

AAFCPAs would like to make clients aware that the Treasury Department and the Internal Revenue Service issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the employee retention credit in […]

SBA Requests to Withdraw Requirement for Loan Necessity Questionnaires

In a letter submitted to the Office of Management and Budget (OMB) on June 21, 2021, the U.S. Small Business Administration (SBA) requested to discontinue the use of the Forms 3509 & 3510, Loan Necessity Questionnaires. The SBA’s withdrawal of the loan necessity questionnaires was discussed June 24 on the AICPA’s Town Hall webcast. A […]