RISCPA/RI BUSINESS FORUM NEWS RELEASE JUNE 30, 2020
International Trade and Global Supply Chain Opportunity for Rhode Island Businesses:
International Trade and Global Supply Chain Opportunity for Rhode Island Businesses
On Tuesday, RISCPA/RI Business Forum and RI Manufacturers Association hosted a special event featuring the US Small Business Administration Office of International Trade and Rhode Island US Small Business Administration District Office. Thank you Mark Hayward, Joan Moran and Matt Spoehr with Rhode Island District Office and special guests Loretta Greene, SBA Associate Administrator, Michele Schimpp, SBA Deputy Associate Administrator and David Vidal, SBA Finance Director from the Office of International Trade for this important event. Thank you to our partners, TD Bank, blumshapiro, Eastern Insurance, Navigant Credit Union, Dilligentiam and RI Staffing Association for their ongoing support.
International trade enables Rhode Island companies to grow, innovate and expand; companies that engage in global sales compete much more effectively. We will continue to provide our members with access to these critical resources as we expand our offerings; a link to the presentation can be found here: OIT Presentation 6-30-2020
NEWS AND UPDATES:
- Phase 3 (June 30th): ReOpening RI.
- IRS Special Bulletin on Tax Filing: Notice 06-30-2020
- Domestic quarantine restrictions are now in place for anyone traveling to Rhode Island from states with a 5% or greater positivity rate. Exceptions will be made for anyone who has tested negative in their home state during the past 72 hours. The list of states will be updated weekly: Testing Hub
- The General Assembly is not in session this week; committee calendar for week of July 6th announced: Legislative Committee Calendar
- July 7th Senate Finance: Agenda
- Executive Orders extended to August 3rd:
- Telemedicine coverage
- Cloth face coverings must be worn in public
- State of Emergency (Disaster declaration)
- Quarantine regulations (includes newly added rules) remain in place
- Click Here for a complete list of Executive Orders.
- Golf Tournament Update: RISCPA’s 29th Annual Golf Tournament will be held October 8th at Warwick Country Club.
Paycheck Protection Program Updates
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program:
- The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form
- Click here to view the EZ Forgiveness Application.
- Click here to view the Full Forgiveness Application.
COVID-19 Rhode Island Stats:
- Total number of cases: 16,813
- New cases: 36
- People hospitalized: 74
- Total Number of Deaths: 950
- Total number of tests: 242,282
RI of Taxation announces temporary relief for retailer's sales permits: ADV_2020_28
Rhode Island Division of Taxation addresses questions involving nexus and apportionment Guidance is in response to inquiries involving temporary remote work amid pandemic: ADV_2020_24
Rhode Island Department of Revenue announces new guidance for employers with remote workforce: ADV_2020_22
RHODE ISLAND BOARD OF ACCOUNTANCY – IMPORTANT ANNOUNCEMENT:
Rhode Island Board of Accountancy has promulgated Emergency Regulations to ease the burden of compliance with the CPE requirement during the COVID-19 pandemic. Please view link for the emergency amendments: Emergency Regulations
NASBA announces changes to CPA Exam Credit:
Credit with expiration dates April 1 to December 30, 2020 will be extended until December 31, 2020
- CISA (Homeland) has released the first in a series of six Cyber Essentials Toolkits for business to understand and address cybersecurity risk as they do other risks: SCRM Essentials
- Blue Cross Blue Shield of Rhode Island is seeking state approval through OHIC (Office of Health Insurance Commissioner) for a 10% reduction for premium costs; the move would include fully insured groups in both the large and small group markets as a result of the COVID-19 pandemic. The move follows a series of announcements on health and dental premium reductions from carriers including UnitedHealthcare and Anthem and is widely expected to continue. CLICK HERE for more information.
- Rhode Island Small Business Development Center is hosting a series of free seminars to help small businesses with their marketing needs. For more information, please visit: Facebook and Instagram Ads 201
- IRS Nationwide Tax Forums: Seminar dates, times now available - Tax pros can attend up to 30 live-streamed webinars: For more information, visit: IRS Nationwide Tax Events
- Governor Raimondo announced a new Transparency Portal which provides information and insight into tracking the spending of the $1.25B stabilization funds Rhode Island received.
- Governor Raimondo has extended Unemployment Insurance Tax Executive Order 20-19 through July 4th. The order states that employers will not see increases for claims filed during the crisis: Executive Order 20-42
- President Trump has signed a provision extending the use of the National Guard for Rhode Island to August 21st (full Federal funding); she praised General Callahan and his team for the work they are doing.
- Governor Raimondo announced 90-day extensions for licenses, registrations, inspections, permits and more set to expire in June; April and May 90-day extensions remain in place; many Department of Motor Vehicle services are available online. DMV Headquarters in Cranston and Middletown locations are available by appointment only; other locations remain closed.
- DLT announced a new email for employers: email@example.com. RISCPA will provide additional information as it becomes available.