RISCPA/RI BUSINESS FORUM NEWS RELEASE SEPTEMBER 16, 2020
NEWS AND UPDATES:
- SPECIAL SMALL BUSINESS EVENT TOMORROW- LAST CHANCE TO REGISTER!
- RI Business Forum partners RISCPA and RIMA will host US Small Business Administration (SBA) District Director Mark Hayward for an important event –“The Path Forward: Avoiding Missteps in Business”. The event will help small business owners understand decisions they need to make now and avoiding financial ruin. Thursday, September 17th 10-11 am. Register Here
- Governor Raimondo announced the RESTORE RI grant program will be expanded next week to include small businesses with up to 50 employees (previously capped at 20) and sole proprietors while lowering the revenue loss requirement to 30% (previously at 50%). Information will be updated at https://commerceri.com/about-us/restore-ri/. As of this week, approximately $7M has been provided to 800 businesses throughout the state.
- Governor Raimondo announced an additional $1M to expand the Administration’s “Take it Outside” campaign to help businesses move operations and activities outdoors. The funds will be made available through an RFP (applications available later today) to assist businesses with securing items including heating lamps, wi-fi, lighting, etc. For more information: https://reopeningri.com/take-it-outside.
- Governor Raimondo spoke about Back to Work RI, Rhode Island’s initiative to train and support Rhode Islanders who have lost jobs as a result of the crisis. The initiative partners with Rhode Island employers including CVS Caremark, Electric Boat, Infosys and more along with key stakeholders and is focused on getting displaced residents back to work; RISCPA is proud to partner on this program. The program, funded through the Federal CARES Act, will include transportation and childcare assistance. For more information, visit: RI DLT website: https://dlt.ri.gov/backtoworkri/.
- Governor Raimondo announced a new partnership with JobCase to assist people with enrollment through Back to Work RI; she urged anyone unemployed to visit https://www.jobcase.com/ and create a free account.
- Governor Raimondo provided an update for additional unemployment benefits provided through FEMA. The state successfully deposited $900 (initial three weeks approved) to accounts certified through the RI Department of Labor & Training this week. The Administration requested additional funds for the weeks ($300 per week for weeks ending August 22, 29 and September 5th) which have been approved and will provide another $900 for anyone certified during those weeks. $600 will be deposited the week of September 21st and the final $300 will be deposited into accounts during the week of September 28th. FEMA has announced there will be no further extensions to the program.
- Phase 3 Extended through September 28th: https://www.reopeningri.com/
During these incredibly difficult times, the SBA wants to be sure they are providing small businesses with the assistance they need. The SBA Rhode Island District Office and partners (RISBDC,SCORE, CWE and the Veterans Business Outreach Center), have an extensive amount of training with business experts ready to assist. In an effort to understand what RI Society of CPAs/RI Business Forum members and their clients need, PLEASE COMPLETE THIS BRIEF SURVEY: https://www.surveymonkey.com/r/B2LZSVF
Rhode Island Small Business Development Center is hosting a series of free events to help small businesses with their business and marketing needs. For more information, please visit: https://www.risbdc.org/Events.aspx?&days=90
AICPA Launches cpa.com. Read more HERE
RISCPA GOVERNMENT AFFAIRS - Both the House and Senate are in recess this week. The General Assembly is expected to return in mid-November to finalize the 2021 budget.
Rhode Island Division of Taxation announces it will allow electronic signatures on certain forms: Advisory 2020 40
All Division Advisories are available here: http://www.tax.ri.gov/Advisory/index.php
IRS News and Tax Tips:
IRS Launches NEW APP! Free IRS2Go app puts information at taxpayers’ fingertips: https://www.irs.gov/newsroom/irs2goapp
Tax Tip 2020-119 - Taxpayer Bill of Rights https://www.irs.gov/taxpayer-bill-of-rights
IR-2020-213 IRS reminds taxpayers who filed an extension the Oct. 15 due date approaches
COVID-19 Rhode Island Stats:
- Total number of cases: 23,358
- New cases: 86
- People hospitalized: 84
- Total Number of Deaths: 1,081
- Total number of tests: 654,103
- Positivity rate: 1.8%
- Governor Raimondo announced the launch of a new initiative called Take It Outside to encourage activities and events to move outdoors. Several state agencies including RIDOH and DBR will support the effort to find ways to move activities including dining, shopping, fitness and more outside. She indicated funding will be earmarked to support the program.
- Executive Orders extended to September 28th:
- Telemedicine coverage
- Cloth face coverings must be worn in public
- State of Emergency (Disaster declaration)
- Quarantine regulations (includes newly added rules) remain in place
- Visit https://governor.ri.gov/newsroom/orders/ for a complete list of Executive Orders.