New Benefit Offerings 2022
There were no doubt big changes in 2020 and 2021 with the way we work. Many employees are still dealing with remote work, managing children’s school schedules, or returning to the workplace. With these changing times, employers should consider new benefit offerings to attract and retain employees.
Employee Payroll Tax Deferral
On September 1 President Trump’s Executive Memorandum dated August 8 went into effect. On August 28 the Department of Treasury issued preliminary guidance on the Memorandum which allows certain employees to delay the payment of payroll taxes from September 1 through December 31.
Employee Engagement in Challenging Times
Highly engaged employees are the driving force behind any successful organization. When your employees truly believe in your company values, they’ll go above and beyond to help achieve mutual business goals.
Paycheck Protection Program Flexibility Act
On June 5, 2020 the Paycheck Protection Program Flexibility Act, which will implement substantial changes to the Paycheck Protection Program (PPP) was signed by President Trump into law. Among other changes, the bill extends the time that businesses have to spend PPP loan funds and alters the forgiveness rules.
Developing a Plan to Reopen
Establishments are beginning to reopen, and people are returning to the workplace. Employers need to establish plans to help keep employees healthy and the workplace safe from infectious disease.
Paycheck Protection Program – Loan Forgiveness
The Paycheck Protection Program (PPP) is a loan from your bank backed by the Small Business Administration (SBA) designed to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 crisis.The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll and other specific expenses.
OSHA Reporting Guidance – COVID-19
The Occupational Safety and Health Administration (OSHA) has issued guidance for reporting occupational illnesses related to COVID-19. The provisions will take effect immediately and are intended to be time-limited to the current public health crisis.
CARES Act: Employer Tax Deferral
As we continue to wade through the COVID-19 regulations we want to update you on the deferral of employment tax deposits and payments portion of the CARES Act.
The CARES Act
The CARES Act was signed by President Trump on Friday, March 27, 2020. It is important to understand the provisions of this Act as well as the Families First Coronavirus Response Act (FFCRA) before making decisions related to payroll costs and staffing.