RISCPA/RI BUSINESS FORUM NEWS RELEASE OCTOBER 7, 2020

RISCPA/RI BUSINESS FORUM NEWS RELEASE OCTOBER 7, 2020

NEWS AND UPDATES:   

  • Governor Raimondo announced that due to concerns with COVID-19 vaccines (amid national uncertainty), before any vaccine is approved for distribution in Rhode Island will go through a separate, scientific evaluation process for safety and efficacy by the state’s vaccine advisory committee. More information on the committee, made up of public health experts, scientists and more, will be posted later today on Rhode Island Department of Health website; the group will also determine priority distribution for the immunizations.
  • Governor Raimondo announced the majority of students, teachers and staff in Rhode Island have returned to school. Further, she reported of the 95 schools who have reported a COVID-19 case, 69 reported only one case – she stated this clearly indicates containment efforts have been successful. She also stated that the majority of cases have been from students who are utilizing remote learning and not in the classroom.
  • RESTORE RI Program: RI Commerce announced updates to the Restore RI program that include a streamlined application process and increased eligibility for more Rhode Island small businesses to apply. Additionally, businesses unable to complete the application for any reason are urged to try again – updates include more business 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), reduced revenue loss requirements – and more!

Grant application: Click Here

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David Shepherd launches new firm: Press Release

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RISCPA IS PROUD TO PARTNER WITH U.S. SMALL BUSINESS ADMINISTRATION FOR 2020 SALUTE TO SMALL BUSINESS – special PBN digital and print supplement featuring messages from SBA Rhode Island District Director Mark Hayward and RISCPA President Melissa Travis: CLICK HERE

SBA Rhode Island District Office is asking everyone to please complete this survey: 

survey

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NEWSLETTER - OCTOBER 2020

RIPEC on Public Policy

  • RIPEC delivered written testimony to the House Committee on Finance in opposition to the governor's proposed amendment to Article 8 of the fiscal year (FY) 2021 budget, which would disallow the ability of taxpayers to utilize excess operating losses on their state tax returns as permitted for federal returns by recent COVID legislation intended to help businesses, particularly small businesses, survive pandemic-induced economic fallout.
  • In an article on the Rhode Island state budget and proposed bond initiatives, The Bond Buyer cited RIPEC and Bryant University's Center for Global and Regional Economic Studies' Current Economic Indicator Briefing for the second quarter of 2020, which projected a historic contraction in Ocean State GDP that outpaced regional and national averages.
  • Amid backlash from municipal leaders towards the news that the administration plans to cut state aid to distressed communities by half, the governor's Municipal Resilience Task Force, comprised of eight members, including RIPEC President and CEO Michael DiBiase, convened for the first time.

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RISCPA’s annual golf outing will benefit Meals on Wheels – due to COVID-19 donations are down this year, we are urging members to support this organization by making a tax deductible donation directly: https://www.rimeals.org/get-involved/donate

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RISCPA/RI BUSINESS FORUM ANNOUNCES PARTNERSHIP WITH LT. GOVERNOR DAN MCKEE

OPERATION HOLIDAY CHEER SUPPORTING RHODE ISLAND MILITARY RELIEF FUND

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CALL FOR BILINGUAL OR SPANISH-SPEAKING VOLUNTEERS!!!

Social Enterprise Greenhouse (SEG) is a non-profit organization in Providence, RI currently recruiting bilingual or Spanish-speaking volunteers to help social entrepreneurs starting businesses with learning financial management, reading and tracking financial metrics, and setting up for-profit and non-profit financial systems. For more information, contact Meg Wirth at mwirth@segreenhouse.org or call 401-272-2558

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FEDERAL RESERVE

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Special message from Federal Reserve Chair Jerome Powell

National Association for Business Economics Virtual Annual Meeting October 6, 2020:

Recent Economic Developments and the Challenges Ahead

Chair Jerome H. Powell Speech, October 6, 2020

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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 CLICK HERE

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RISCPA GOVERNMENT AFFAIRS

Legislative Committee Calendar

Wednesday, October 7, 2020, Senate Committee on Finance, 4:00 PM – AGENDA    

NOTE: Governor’s Budget Amendment

RISCPA AND RISCPA TAX COMMITTEE ARE OPPOSED

Thursday, October 8, 2020, House Committee on Finance, 4:00 PM - AGENDA           

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Rhode Island Division of Taxation announces it will allow electronic signatures on certain forms: READ MORE

All Division Advisories are available HERE

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PLEASE NOTE IRS IS EXPERIENCING BACKLOGS – MEMBERS ARE REPORTING SIGNIFICANT DELAYS IN RESPONSE – AICPA AND CONGRESSIONAL TEAMS CONTINUE TO WORK WITH IRS LEADERSHIP ON THESE ISSUES – RISCPA WILL HAVE MORE INFORMAITON AS IT BECOMES AVAILABLE!

IR-2020-213 IRS reminds taxpayers who filed an extension the Oct. 15 due date approaches

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COVID-19 Rhode Island Stats:

  • Total number of cases: 25,776
  • New cases: 145
  • People hospitalized: 107
  • Total Number of Death:1,126
  • Total number of tests: 838,482
  • Positivity rate: 1.5%

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ONGOING ANNOUNCEMENTS

  • Executive Orders extended to October 28th:
    • Telemedicine coverage
    • Cloth face coverings must be worn in public
    • State of Emergency (Disaster declaration)
    • Firearms
    • 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 up to $5M has been earmarked for the “Take it Outside” campaign to help businesses move operations and activities outdoors. Funds are available through multiple organizations in the state. 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. The program, funded through the Federal CARES Act, includes transportation and childcare assistance. For more information, visit: RI DLT website: https://dlt.ri.gov/backtoworkri/.
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