RISCPA/RI BUSINESS FORUM NEWS RELEASE SEPTEMBER 23, 2020
NEWS AND UPDATES:
RI Commerce Corporation announced changes to the RESTORE RI program:
- The application portal is now open for the new streamlined Restore Rhode Island grant program with increased eligibility allowing even more of Rhode Island’s small businesses the opportunity to apply. Businesses who were unable to complete the application due to technical problems or found the process confusing are urged to try again. Commerce is providing Zoom office hours (info below) for businesses needing assistance or with questions. There are funds available- we urge RISCPA members and partners to apply!
Key updates include:
- More businesses are now eligible including sole proprietors and businesses without employees
- Businesses with 50 or fewer employees now eligible to apply (reminder – no cap on the number of employees for restaurants or caterers)
- Employment, revenue, and expense documentation not required to be uploaded.
- Streamlined grant amount calculation – revenue loss requirement has been decreased from 50% to 30% for all businesses (and you just need to show that for one single month)
- Businesses can now count intendent contractors as FTEs in award calculation
- Streamlined process for sole proprietors and business entities without W-2 employees or independent contractors
Grant application: CLICK HERE
- RI Business Forum partners RISCPA and RIMA hosted US Small Business Administration (SBA) District Director Mark Hayward for a special event with important guidance for businesses struggling “The Path Forward: Avoiding Missteps in Business”; presentation can be found here: SBA Slide Presentation
- Phase 3 Extended through September 28th: https://www.reopeningri.com/
The Not for Profit Committee mission is to provide leadership and resources to RISCPA members, who serve the not-for-profit community, through leadership and education. Next Meeting: Oct. 21, 8:00am
The RI Young Accountants Network (RIYAN) Committee mission is to increase Membership Involvement and engagement amongst young professionals while providing them with the resources they need to stay connected with their peers, the community and the profession while promoting leadership development. Oct. 7, 8:00am
The Small Firms Committee will hold a meeting on Oct 21st at 8am via IN-PERSON or ZOOM. RISCPA can hold a limited number of seats in the Education Center ( 40 Sharpe Dr., Cranston) for those who would like to venture out! State of RI COVID 19 guidelines will be followed. The meeting will also be broadcast via ZOOM for those who would like to stay in the comfort of their home. Seats at the facility will be on a first come – first serve basis. Here is a brief description of the agenda which will an interesting and informative demo and discussion.
SBA Rhode Island District Office is asking everyone to please complete this survey: https://www.surveymonkey.com/r/B2LZSVF
KLR Promotes John E. Surrette, Jr., CPA, CFE to Principal: News Release
Rhode Island Small Business Development Center is hosting a series of free Training & Events to help small businesses with their business and marketing needs.
RISCPA GOVERNMENT AFFAIRS – Wednesday: House Finance Committee: http://status.rilin.state.ri.us/documents/agenda-16978.pdf
RISCPA opposes H. 7171, Article 8 Relating to Taxes Amendment 14- see opposition testimony HERE.
Rhode Island Division of Taxation announces it will allow electronic signatures on certain forms: http://www.tax.ri.gov/Advisory/ADV_2020_40.pdf
All Division Advisories are available here: http://www.tax.ri.gov/Advisory/index.php
IRS News and Tax Tips:
- 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: 24,177
- New cases: 121
- People hospitalized: 86
- Total Number of Deaths: 1,102
- Total number of tests: 706,578
- Positivity rate: 1.5%
- 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.
- 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.
- Rhode Island’s Back to Work RI initiative to train and support Rhode Islanders who have lost jobs as a result of the crisis has partnered with 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/.
- JobCase will assist people with enrollment through Back to Work RI; she urged anyone unemployed to visit https://www.jobcase.com/ and create a free account.