The Paycheck Protection Program (PPP) was created in 2020 to provide financial assistance to businesses affected by the pandemic. The loans do not have to be paid back if a business complies with the program’s rules. This week, the White House announced several changes to the PPP loan program intended to help small businesses qualify […]
If your business received a PPP loan of $150,000 or less, you can apply for loan forgiveness using Form 3508S. You will not have to do any calculations or provide any supporting documentation (like payroll records or tax forms). The only information required is: Your PPP loan number. The amount of your PPP loan. Date […]
The Paycheck Protection Program (PPP) loans are opening back up for businesses that already received a PPP loan as well as businesses seeking their first PPP loan. The US Small Business Administration began accepting applications for first-time PPP loans (also called “first draw” PPP loans) on January 11, 2021, and they will begin accepting applications […]
In response to the growing coronavirus pandemic, the United States Congress passed a law earlier this year requiring employers to provide at least two weeks of paid leave to employees if they cannot come to work for one of these reasons: The employee has been quarantined by a health care provider or by government order. […]
If your business received a PPP loan of $50,000 or less, you can use a new, one-page application to apply for forgiveness of your loan. This new simplified form, Form 3508S, requires fewer calculations and less documentation than the other two forgiveness applications.If your PPP loan was $50,000 or less, you can use the new […]
For the past few months, a bill has been pending in Congress that would automatically forgive PPP loans under $150,000. If this law is approved, small businesses who received a PPP loan of less than $150,000 would have their loan automatically forgiven without having to file the forgiveness application with their bank. As of today, […]
Under an Executive Order signed last month by the President, employers can defer collecting federal payroll taxes from their employees’ paychecks through the end of the year. Businesses should understand that this is just a deferral of payroll taxes owed; it is not an elimination of the payroll tax. Any payroll taxes that are deferred […]
The Families First Coronavirus Response Act (FFCRA) requires employers to give employees 2 weeks (80 hours) of paid leave if the employee cannot work because they have been quarantined due to COVID-19, are caring for someone who has been quarantined, have COVID-19 symptoms and are getting tested, or their child’s school or daycare is closed […]
Here are the 3 most common questions we get from our small business members about paid leave under the Families First Coronavirus Response Act (FFCRA): 1) One of my employees has already used their 2 weeks/80 hours of paid FFCRA leave but now they can’t work because they have COVID-19. Do I have to give […]
The goal of screening your employees for COVID-19 symptoms is to identify employees who may be sick so you can prevent them from coming to work, which protects your other employees from exposure to the coronavirus. Screening employees for symptoms of COVID-19 is an optional strategy that employers may use; it is not mandatory. Screening […]