Will Massachusetts business owners with COVID grants face larger tax bills? Baker administration supports legislative ‘fix’
Updated Mar 02, 2021;
While the federal government made forgiven loans under the Paycheck Protection Program tax-free, small business owners in Massachusetts could still face a larger tax bill due to a forgiven PPP loan or state business grant.
The state makes forgiven PPP loans from corporations tax-free because the state corporate tax code conforms to the federal code, but the state’s code for individual income tax doesn’t default to federal code, Administration and Finance Secretary Michael Heffernan told lawmakers during Tuesday’s budget hearing. Barring any change in state law, Massachusetts would tax forgiven PPP loans of independent contractors or small businesses the type of borrowers Congress aimed to help in the first place.
EforAll Seeking Applicants for Digital Business Survival Course iberkshires.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iberkshires.com Daily Mail and Mail on Sunday newspapers.
Digital Survival Course Being Offered to Small Businesses
Entrepreneurship for All (EforAll) Berkshire County is collaborating with R3SET Studios to run a free online intensive program to help small businesses improve their online marketing. As noted in a media release, this five-week Digital Business Survival Course is based on a successful pilot program run by these same partners in June 2020.
Funded by the Pittsfield Economic Revitalization Corporation (PERC), Mass Growth Capital Corporation and Google, the program will be offered at no charge to participants and will include both “lectures,” and intensive work in small groups led by Digital Specialists, experts in web marketing. Successful completion of the program will earn participants a $100 advertising grant to promote their business.
April 04, 2021 | 07:07AM
Chuck the red-footed tortoise, the Berkshire Museum s beloved aquarium resident of 35 years, died on Monday at the venerable age of about 80 years old. click for more
April 03, 2021 | 07:10AM
There were smiles all around the Christian Center on Friday as staff handed out more than 100 Easter baskets to children containing items such as candy, stuffed animals, and stickers. click for more
April 02, 2021 | 12:30PM
The Board of Directors of Berkshire Housing Development Corporation has announced that Eileen Peltier, currently of Montpelier, Vt., has been selected as its new President and CEO effective April 20. click for more
April 02, 2021 | 04:15AM
Members of the Berkshire Regional Planning Commission believe that the agency s offices should remain in downtown Pittsfield. click for more
Gov. Baker announces new round of small business grants Share Updated: 1:09 PM EST Jan 28, 2021
Gov. Baker announces new round of small business grants Share Updated: 1:09 PM EST Jan 28, 2021
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Show Transcript Today we re announcing another $45 million in grants, which will be going out to another 1100 small businesses, including five others here in Plymouth. About a third of these grantees have received no other aid of any kind, and this is the fourth round of grants through this program. Since December 21st. To date, we ve awarded almost $280 million to more than 5800 small businesses. This is a $720 million program, so we obviously have, ah, long way to go in a lot of opportunity to continue to support small businesses as they work their way through the second surge.