COVID-19 Update April 7, 2020

Today was a great day! We are in the process of pushing out the necessary documents for everyone to file for their PPP Loan applications.

While on a webinar, today I learned some important news that the Treasury Department put out last night in their updated FAQ (download below). They confirmed the previously disclosed $100,000 individual payroll cap, and you need to abide by this rule for anyone that receives compensation over this limit.

The big news is that the benefits and payroll taxes can be counted toward your overall payroll costs in your PPP application. If you have already filed your PPP documents and didn’t include benefits and payroll taxes, I believe the SBA is issuing a document to all banks on how to make changes to these documents. Please contact your banker if you need to change anything on your forms.

Today’s documents:

CARES Act Summary – Our local congressmen, Steve Scalise put this out, and it is a great summary of the program.

PPP FAQ – this FAQ is from the US Treasury Department, and if you go to question number 10, it confirms that in a PEO arrangement you do not need your 941 documents as required by many banks. We can provide the necessary payroll documents needed for payroll.

I was remiss yesterday and forgot to provide the link to register for the COVID-19 Update webinar we are having on Thursday at 2 PM Central time. Please sign up. We will be reviewing the new Sick Leave and FMLA Leave laws and how to abide by them.

I was remiss yesterday and forgot to provide the link to register for the COVID-19 Update webinar we are having on Thursday at 2 PM Central Time. Please sign up. We will be reviewing the new Sick Leave and FMLA Leave laws and how to abide by them.

Our Safety Manager will go through how to deal with infected or exposed people along with Return-to-work policies, etc., plus, other informative news.

We will also have a Q&A period at the end where you will be able to ask any specific questions you might have. If you are not able to make this webinar, we will be recording it and posting a replay on our website.

Please register for COVID-19 Update on Apr 9, 2020 2:00 PM CDT at:

https://attendee.gotowebinar.com/register/145510874419458318

After registering, you will receive a confirmation email giving you instructions on accessing the webinar.