On June 3rd, the US Senate unanimously approved a bill that DRAMATICALLY changes the parameters of the Payroll Protection Program. It has been signed by the President. New: COVERED PERIOD - The covered period has been extended from the loan origination date to 24 weeks or December 31, 2020 whichever date is earlier. The borrower may still elect to use the 8 week covered period if they so choose. Learn more @ https://bit.ly/BizPPP-1. We’ll be highlighting more of the changes in the coming days.
PPP LOAN FORGIVENESS iSolved, the software company with whom we partner, has created a program that allows our clients to view and download a report detailing wages that are forgivable. Please contact us if you have any questions.
PPP LOAN FORGIVENESS - GOOD FAITH OFFER If an employer can show that they made a good faith offer to re-hire an employee that was rejected by the employee, that employee will not count in the full-time-equivalent calculation.
PPP LOAN FORGIVENESS: THE LAW OF "AVERAGING" Average Full Time Equivalents: To calculate your average FTEs for the 8 week period (whichever method is chosen), determine the average number of hours worked per week and divide by 40 rounding to the nearest 10th. The maximum amount per employee will be 1.0. For those employees falling below the 40 hour threshold you may calculate the actual FTE % or use .5 for part-time employees. BizChecks Payroll will be providing a date range report in iSolved to do this calculation for you. We will provide guidance once the report is available.
More info on the eight-week period in which PPP funds must be spent. This was the one of the bigger changes in the constantly changing info: Alternative Covered Payroll Period: The application now enables borrowers to choose an “alternative payroll covered period” consisting of the eight-week period beginning on the first day of the pay period following the receipt of PPP funds allowing employers to sync up the eight-week period to their payroll schedule. (Although the SBA made no mention of extending the 8 week covered period both the US Senate and House of Representatives are currently considering bills that would extend the 8 week period and provide for further flexibility regarding the 75% rule.)
PPP Loan Forgiveness: "Covered Period" - The “covered period” is the 8 week period that begins on the date PPP funds were received, with costs paid or incurred within the period eligible for forgiveness. The application provides some flexibility where certain costs incurred before the covered period but paid during the 8 week period are eligible for forgiveness. Also, certain costs may be eligible for forgiveness that are incurred during the 8 week period but are paid after the period ends. Find the application here: https://bit.ly/BIZ-PPP-loan-forgive-app
Befuddled by the PPP Loan Forgiveness Application and instructions? Late on Friday, 5/15, the SBA/Treasury issued the application and instructions. We'll break down some of the rules this week. Find the application here: https://bit.ly/BIZ-PPP-loan-forgive-app
Tomorrow is the 50th #EarthDay. Given the current situation, perhaps we can make this year we look inward, at our own homes, to make environmentally conscious changes. Turn the thermostat. Shorten your shower. You get the idea.
At BizChecks Payroll, we like to give you the tools you need to run your business. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀ With Employee Self Service (ESS), your employees will no longer need to ask you things like: “How much vacation time do I have?”, “Can you reprint my W2?”, or “My dog ate my paystub, can you get me a new one?”. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ESS gives your employees access to all the necessities right at their fingertips! They can view a complete archive of their pay history, access their W2s and view their time off balances. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Call us today to learn more about the services we provide to nearly 1,000 local businesses at (866) 932-9700, or visit our website at www.BizChecksPayroll.com ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ #payroll #payrollservices #bizcheckspayroll #taxes #humanresources #capecod #shoplocal #localbusiness #hyannis #massachusetts #local #supportlocalbusiness #isolved #hcm #plymouthma #barnstable #capecodchamber