Congress Passes Emergency Coronavirus Relief Act of 2020

You may have heard that Congress passed the Emergency Coronavirus Relief Act of 2020 (ECRA).  This 5,465-page document is being presented to the President for signature.  Assuming that it is signed, there are very significant changes to your business.

PPP and small business support: New Covid -19 package provides much needed support for small businesses. 

  • Business expenses paid for with the proceeds of the PPP loans are tax deductible. 
  • The loan forgiveness process is simplified for borrowers with PPP of $150,000 or less. 
  • If your initial loan was computed with less than the amounts entitled, you may get additional funds.  If you already got forgiveness on the PPP loan, you may not be eligible for this part.
  • Certain businesses that had a reduction of revenues of 25% or more may get additional PPP loans.   This is a complex calculation, but many people experienced such a decline.

Economic Impact payment (EIP):  Certain taxpayers will receive a second round with reduced amounts of $600 and $600 for a child.  If you were eligible this spring, you will probably be eligible now. 

There is Rental Assistance until January 31, 2021 and Student Loan forbearance through April 1, 2021.

There are payroll tax delays, tax extenders, charitable contribution changes and other tax law changes.

Lynch Marini 2020 Peer Review

To Lynch Marini & Associates Inc and the Peer Review Committee of the Massachusetts Society of CPAs: We have reviewed the system of quality control for the accounting and auditing practice of Lynch Marini & Associates, Inc. (the Firm) in effect for the year ended April 30, 2020. Our peer review was conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified
Public Accountants (Standards).

Lynch Marini Peer Review 2020