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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 […]

Webinar OnDemand: AAFCPAs’ Guidance on SBA Loan Forgiveness Application

Webinar OnDemand: 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 […]

Accounting Considerations When Establishing an Emergency Relief Fund

Charter Schools across the country have stepped up to assist families during this unprecedented time.  In addition to successfully adapting to entirely remote learning and providing tools such as laptops and other technology, many Charter Schools provide curbside pickup meals to their students.  As this worldwide pandemic continues, many Charter Schools have established Emergency Relief […]

PPP Safe Harbor Extended to May 18

AAFCPAs would like to make clients aware that in their most recent Paycheck Protection Program (PPP) Loan Frequently Asked Questions (FAQs), the Treasury and the Small Business Administration (SBA) announced an additional extension of the “safe harbor” deadline for recipients of PPP loans. PPP loan borrowers are now allowed to return the money to the […]

SBA FAQ Indicates Good Faith Assumed for PPP Loans Under $2M

In a dramatic turn of events the Small Business Administration (SBA) released Paycheck Protection Program (PPP) Loans FAQ #46 today, May 13th regarding how the organization will review borrowers’ required good-fair certification concerning the necessity of their loan request. Loans Under $2 Million The FAQ reads “Any borrower that, together with its affiliates, received PPP […]

Questions Businesses Need to Address to Support PPP Loan Certifications

AAFCPAs has provided the following sample questions borrowers should address in a written “living document” supporting that PPP loan certifications were made in good faith. We recommend outlining responses contemporaneously in a journal format that can be appended over time as further guidance becomes available and relevant facts and circumstances evolve. Impact on Business Operations […]