March 25, 2021

Breaking News:

Congress approves PPP extension for small businesses for two months: Read More

RISCPA/RI Business Forum is pleased to be a founding member in RI Industry Alliance (formerly RI Business Coalition). We are pleased to announce a new Government Affairs segment that will provide a weekly summary with updates on legislative activity. The Alliance is in the process of formalizing our structure; we will provides updates and new logo in the near future. RI Industry Alliance. Week Ending March 19, 2021


District Director Mark S. Hayward Hosts Rhode Island Business Leaders Every Monday at 11:00 AM to Discuss Resources They Provide to Small Businesses. Use this link to access the Teams meeting every Monday with Mark.



PPP2 News and Updates

SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program: Steps to Promote Equitable Relief for Mom-and-Pop Businesses: Release 21-17

Shuttered Venue Operators Grant: Emergency assistance for eligible venues affected by the COVID pandemic. Details Here

For more information and updates, visit: SBA.gov/PPP or Treasury.gov/CARES

The following PPP Forms now available in one convenient location:

NEW! Frequently Asked Questions for Lenders and Borrowers Effective 03/03/2021

NEW!PPP First Draw Borrower Application, SBA Form 2483 Effective 03/03/2021

NEW!PPP First Draw Borrower Application Form - Schedule C Filers Using Gross Income, SBA Form 2483-CEffective 03/03/2021

NEW!PPP Second Draw Borrower Application Form, SBA Form 2483-SDEffective 03/03/2021

NEW!PPP Second Draw Borrower Application Form - Schedule C Filers Using Gross Income, SBA Form 2483-SD-CEffective 03/03/2021

NEW!Lender Application Form - Paycheck Protection Program Loan Guaranty, SBA Form 2484Effective 03/03/2021

NEW!PPP Second Draw Lender Application Form, SBA Form 2484-SDEffective 03/03/2021

Targeted EIDL Advance FAQ

PPP Interim Final Rule: Loan Forgiveness Requirements and Loan Review Procedures

PPP Loan Forgiveness Application- Form 3508 (Effective 1/19/2021)

PPP Loan Forgiveness Application Form 3508EZ (Effective 1/19/21)

PPP Loan Forgiveness Application Form 3508S (Revised 1/19/21)

Borrower’s Disclosure of Certain Controlling Interests (Released 1/19/2021)

PPP-Lender-Application-Form.pdf (treasury.gov)

PPP-Second-Draw-Lender-Application-Form.pdf (treasury.gov)

SBA-Form-3506-PPP--Agreement-for-New-Lenders-Banks-Credit-Unions-FCS.pdf (treasury.gov)


PPP-Borrower-Application-Form.pdf (treasury.gov)

PPP-Second-Draw-Borrower-Application-Form.pdf (treasury.gov)

Top-line-Overview-of-First-Draw-PPP.pdf (treasury.gov)

Top-line-Overview-of-Second-Draw-PPP.pdf (treasury.gov)

Guidance-on-Accessing-Capital-for-Minority-Underserved-Veteran-and-Women-Owned-Business-Concerns .pdf (treasury.gov)

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Vaccine Outreach: Community Partner Activation
Get Vaccinated: Watch the Video



The NEC is looking for feedback on a letter in support of H.R. 1996 – the Secure and Fair Enforcement (SAFE) Banking Act of 2021. Thank you to all of you who have already submitted comments and edits, which have been incorporated into an updated DRAFT LETTER.  If you would like to submit comments, please do so by the end of the day tomorrow. 
 401Gives Day Aims to Raise $1.5M for Local Nonprofits on April 1: The United Way of Rhode Island announced Wednesday that in four weeks, Rhode Islanders will have the opportunity to support any of more than 300 local nonprofits when 401Gives, the state’s largest single day of giving, returns on April 1st Read More
RIPEC Newsletter: March 2021 Edition 
RIPEC:  Q4 2020 CEI Indicates Lengthy Economic Downturn: Briefing
NEW! COVID-19 Workplace Playbook: Stay Healthy. Stay Open. Stop the Spread. Online Guide
CPAs and Their Small Business Clients Thankful for Passage of PPP Extension Act, Says AICPA: Read More

AICPA Benevolent Fund: The AICPA Benevolent Fund was created to support AICPA members with short-term personal financial needs. Program Information and Application
Chartered Global Management Accountant: CGMA is the most widely held management accounting designation in the world with more than 137,000 designees. It was established in 2012 by the AICPA and CIMA to recognize a unique group of management accountants who have reached the highest benchmark of quality and competence. How to Earn the CGMA Designation.
All AICPA Advisory CredentialsTip Sheet 
Employer Student Loan Repayment Assistance Program: Now a tax free benefit through 2025! More Information
IRS Announcements:
  • Didn't Get Requested PPP Loan Forgiveness? You can claim the Employee Retention Credit for 2020 on the 4th quarter form 941: More Information
  • Employers can withhold, make payments of deferred Social Security taxes from 2020: IR-2021-17 and Notice 2021-11
  • Tax Season starts today Friday, February 12, 2021: IR 2021-16


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



Tips for tax season: Single-member LLCs:
Q: The Rhode Island Division of Taxation recently postponed the due date for personal income tax returns to May 17, 2021, following the federal postponement. If a single-member limited liability company (SMLLC) is owned by an individual, is the SMLLC's Form RI-1065 and payment due April 15 or May 17? Reed More

All Division Advisories are available here: http://www.tax.ri.gov/Advisory/index.php

Employee Retention Credit: A refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Read More

Educators can now deduct out-of-pocket expenses for COVID-19 protective items: IR-2021-28

Employers can withhold, make payments of deferred Social Security taxes from 2020: IR-2021-17 and Notice 2021-11

Rhode Island Division of Taxation Issues Guidance on Elective entity-level tax on pass-through entities. Notice 2020-75 



State of Rhode Island General Assembly News



COVID-19 Rhode Island Stats (as of 03/25/2021)

  • Total number of cases: 135,290
  • New cases: 441
  • People hospitalized: 110
  • Total Fatalities: 2,607
  • Total number of tests: 3,417,515
  • Positivity rate: 2.1%


  • People who received 1 dose: 312,150
  • People who received 2 doses (fully vaccinated): 187,694
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