Updates & News
Massachusetts Announces COVID 19 Grants for Small Businesses
The Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses, microenterprises, and their employees, families and communities. Massachusetts Growth Capital Corporation (MGCC) will be administering these funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic.
These funds were appropriated through the Commonwealth’s Supplemental Budget for Fiscal Year 2021 (FY21) as well as the CARES Act of 2020 and are divided into two programs.
Grant funding is intended to help businesses adversely impacted by the pandemic. Preference will be given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, who are focused on serving the Gateway Cities of Massachusetts, and those most negatively impacted by the COVID-19 pandemic. Preference will also be given to applicants that have not been able to receive aid from other federal programs related to COVID-19.
Timeline: Application will be open for 3 weeks
10/22/2020 at 12:00 PM – Application opens.
11/12/2020 at 12:00 PM – Application closes.
SBA Issues Paycheck Protection Program - "PPP" Loan forgiveness application.
To apply for forgiveness of your PPP loan, you must complete an application and submit to your lender (Bank).
The application for Debt Forgiveness is complex and will most likely require the assistance of a CPA. (strongly advised)
The application can be found at SBA website here:
Small Business and the Self Employed get two new loan programs passed as part of the Coronavirus Aid Relief and Economic Security Act - CARES ACT.
The recently passed CARES ACT provided relief to small business and the self employed with the roll out of the "Paycheck Protection Program" or "PPP" and enhancements to the Economic Injury Disaster Loan or EIDL programs both provided through the SBA.
PPP- This is a loan program for small business and the self employed that will lend at 1% an amount up to 2.5 times the average monthly payroll and will forgive the entire loan if the proceeds are spent on payroll rent and utilities. These loans became available on Friday April 3. The loan applications will be processed by local banks (approved SBA lenders). Most of these banks are still getting up to speed for the ability to begin accepting loan applications. SBA information on this program can be found here: PPP LOAN PROGRAM
EIDL - This is a loan applied for directly online and administered entirely by the SBA (no bank). One of its features is an immediate $10,000 advance upon acceptance of your loan application. The $10,000 advance does not have to be paid back. SBA information on this program can be found here: EIDL PROGRAM
IRS Announces 90 Day Payment and Filing Extension - Corona Virus Update March 20, 2020, Massachusetts follows on March 27, 2020...
The IRS has announced that taxpayers will be granted a 90 day extension of time until July 15, 2020 to pay and to file their 2019 federal income tax without penalty or interest.
Massachusetts Governor announced on Friday Mar 27, 2020 that Massachusetts has extended the filing and payment deadline for individual income taxes to July 15, 2020. This extension is automatic, no filing of extensions forms are required.
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No doubt these are difficult times, we are here to assist you with your tax and legal compliance issues. If you have any questions or concerns, please do not hesitate to reach out to us... be safe and healthy... Scott
Experienced Attorney | CPA
Real Estate, Probate Administration, Wills, Trusts, Estates, Business Sales, Accounting, Audit and Tax Law...
Scott M. Sawyer, is an Attorney admitted to practice in Massachusetts. He is also a Certified Public Accountant licensed to practice in Massachusetts, Vermont and New York.
Scott M. Sawyer is a graduate of Western New England University School of Law.
He received his Master’s Degree in Business at the Franklin W. Olin Graduate School of Business from
Babson College in Wellesley, Massachusetts and his undergraduate degree from the University of Massachusetts, Lowell.
His experience includes more than thirty five years of working with businesses in such diverse industries as non-profit organizations, municipalities, retailers, wholesalers, manufacturers, law firms, real estate, forestry, aviation, and many others.
Please contact Scott M. Sawyer, Attorney at Law -CPA for a complimentary review of your business or personal legal, accounting and tax compliance needs.
Material presented on this website is intended for information purposes only. It is not intended as professional advice and should not be construed as such.