What business owners should know about the Massachusetts COVID relief bill that offers help to PPP recipients
Updated Mar 11, 2021;
House lawmakers approved a COVID-19 relief bill that authorizes the governor to borrow money to stabilize the unemployment system and freezes the UI rate for Massachusetts business owners.
The bill authorizes the governor to borrow up to $7 billion to bring the unemployment insurance fund out of the red. At the end of December, the fund was more than $2 billion in the negative. The legislation also requires employers to offer paid leave to employees who test positive for COVID-19 or need time off to get vaccinated, as well as offer tax relief to unemployed workers whose income falls below 200% of the poverty line.
What business owners should know about the Massachusetts COVID relief bill that offers help to PPP recipients msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Calling the drop during the pandemic in reports of suspected child abuse a “troubling” sign, House Speaker Ron Mariano said Thursday he would move a bill to the floor soon
Decision time nears on unemployment insurance rate hikes berkshireeagle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from berkshireeagle.com Daily Mail and Mail on Sunday newspapers.
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.