Author: Robert Hernandez

PPP Loan Forgiveness Application Overview

The SBA released the Paycheck Protection Program Loan Forgiveness Application on May 15, 2020 at 7:30 p.m. Below are the most salient points from the guidance: Simplifies the 8-week cutoff The new guidance allows use of an 8-week covered period from loan disbursement date or “Alternative Payroll...

17 May, 2020

SBA Provides Safe Harbor for PPP Loans Under $2 Million

Businesses and Non-Profit Organizations that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the...

15 May, 2020

IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans

WASHINGTON –The Internal Revenue Service on May 12th released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. The guidance issued...

14 May, 2020

Are employees required to provide documentation in support of leave taken under the FFCRA?

If you intend to claim a tax credit under the FFCRA for your payment of the sick leave or expanded family and medical leave wages, you should retain appropriate documentation in your records. A written request for leave from the employee should include the following (and...

13 May, 2020

New I-9 Policy Due to COVID-19

The Department of Homeland Security (DHS) has issued a temporary policy to allow employers to accept expired List B documents when completing the Form I-9 beginning May 1. This policy is intended to account for the fact that many people are unable to renew their...

12 May, 2020

Why Didn’t I Get My Paycheck Protection Program Loan?

You may have been one of the businesses that pounced on the hastily assembled Paycheck Protection Program in hopes of getting a loan. Many businesses succeeded, but some did not, and it's not always clear why. If you didn't, here are some clues why. Your first...

11 May, 2020

We are reopening after business closure due to COVID-19. Can we bring some employees back, but not others?

Yes. If you are recalling some positions, but not others, you should document the business reasons why only those positions were recalled. If you are recalling some employees in a certain position, but not everyone in that position, you should document the objective, job-related criteria you...

08 May, 2020

SBA Approves the Pastoral Housing Allowance for PPP Loans

After weeks of uncertainty surrounding the Minister's Housing Allowance for Paycheck Protection Program loans, the U.S. Small Business Administration (SBA) states in a Frequently Asked Questions report that it has approved the inclusion of the minister’s housing allowance in payroll costs for purposes of applying...

07 May, 2020

Documentation for PPP Loan Expenditures

As of now, it is unclear what specific documentation will be required when you approach your bank to request forgiveness of your PPP loan. Unless the SBA follows up with more guidance, individual banks could have different standards when it comes to documentation required for forgiveness. This...

06 May, 2020

Improve Your Cash Flow With Your Workers’ Comp Policy

Businesses and organizations of all sizes are facing unprecedented times as the result of COVID-19. Cash flow and cash management has never been more important! You’re likely looking for ways to reduce costs and cut expenses; Payroll Partners has teamed up with E-COMP to offer a...

05 May, 2020