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.
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.
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.
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.
Many of you have been anxiously awaiting the final version H.R.6201, the Families First Coronavirus Response Act. On Wednesday (March 18) the U.S. Senate passed the bill and the President signed it. The legislation will extend assistance to individuals affected by the COVID-19 outbreak. The bill will become effective on April 2, 2020.
The end of the year is a great time to audit and organize your organization before launching into the new year. One thing to audit going into 2020 is the exempt status of your employees. The change to the FLSA exempt status salary threshold will be effective on January 1, 2020. FLSA status is just one of the things included in our End of Year Checklist.