What you need to know
Today's top resources
Paycheck Protection Program
On Thursday July 2, the U.S. Treasury and the Small Business Administration released additional guidance on Paycheck Protection Program (PPP) loan forgiveness application. We are working through the information available to update our reporting and loan forgiveness calculations, if necessary. If your business is seeking funding, the PPP loan application deadline has been extended to August 8.
Paycheck Protection Program loan expenses and forgiveness
Interactive PPP tool for businesses who are considering or have received funding through the SBA program.
COVID-19 State by State Resources
Return to Work Guidance
What you should consider when recalling employees from furlough or rehiring.
Navigating the Re-opening
A high-level interactive tool designed to help you manage the challenges related to your finances, your people, and your operations. View the tool
Legislation to support your business
Paycheck Protection Program Flexibility Act of 2020
This Act modifies certain provisions related to the forgiveness of loans under the PPP, including the length of your covered period as well as allowing recipients of loan forgiveness under the PPP to defer payroll taxes. Read about the PPP Flexibility Act
CARES Act: Benefits for businesses and individuals
Several relief efforts are available to businesses, families, and individuals affected by COVID-19, including employee retention credits, delayed employer payroll taxes, and more.
Understanding Families First Coronavirus Response Act (FFCRA)
The federal government has dedicated tens of billions of dollars for paid sick and family leave, unemployment insurance, free COVID-19 testing, and other measures to help Americans impacted by the crisis.
Complete guide to FFCRA
Employee Retention Credit
Part of the CARES Act, the Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees.
Qualified businesses can take health plan expenses as qualified wages for the employee retention credit. To see example scenarios for businesses with 100 or fewer employees and businesses with more than 100 employees, visit COVID-19-Related Employee Retention Credits: Amount of Allocable Qualified Health Plan Expenses FAQs.
The Internal Revenue Service (IRS) released new guidance stating that after July 2, 2020, Forms 7200, Advance Payment of Employer Credits Due to COVID-19, that are filed must request a minimum credit amount of $25. Any credit advance requested on the form that totals less than $25 will not be processed by the IRS. Any credit advance under $25 can be claimed by reducing a future deposit or claimed on Form 941 at the end of the quarter.
Guidelines for Opening Up America
The White House released guidelines that encourage states to authorize the re-opening of America.
Learn more about the guideline details
Documenting your policies
Communicate with your employees about key workplace issues and company policies using an employee handbook.
Business continuity planning
You can’t control unexpected situations that disrupt your business. But having a continuity plan in place may help you recover.
Learn more about Business Continuity Planning
Resources to help your employees
It might be a good time to consider alternative employee pay options, including direct deposit and pay-on-demand.
Managing remote workers
Work-from-home setups can be a challenge for everyone. Consider some ways you can navigate remote working arrangements.
Benefits of Direct Deposit
A significant disruption to everyday life such as the current COVID-19 pandemic may leave employees with financial uncertainty, among other anxieties. You may be able to help ease some of their worries by offering direct deposit, a safe and secure payment method that gets workers their earned wages quickly.
Learn about the benefits of direct deposit
HIPAA Law: What is Required?
Employers need to understand any applicable HIPAA rules – particularly during public health emergencies such as the COVID-19 (coronavirus) pandemic – and put the correct tools and protocols in place to protect their employees' health information.
Learn more about HIPAA regulations for employers
Creating a telecommuting policy
State and local mandates requiring non-essential employees to shelter in place have resulted in many workers working from home, possibly for the first time ever. Given such circumstances, a comprehensive telecommuting policy is essential for businesses that want to keep operations moving efficiently and effectively, all while making sure that employees are safe and stay on task.
Guide to creating a telecommuting policy
Benefits of an Employee Assistance Program
An employee assistance program, or EAP, is one example of how you can help employees resolve a variety of issues that contribute to stress, which in turn, may be adversely affecting their work performance and morale. This is important at any time, but particularly crucial during challenging situations such as a major work disruption or public health emergency.
Data Security Tips for Employees Working from Home
Cybercriminals aren't taking a break during the global COVID-19 (coronavirus) pandemic. As many U.S. employers ask that employees work from home to prevent exposure to the disease, businesses and individuals alike can become more vulnerable to the threats of malware, data breaches, and other efforts to ransom or steal data.
Employee Financial Wellness Program
Consider short- and long-term benefits of implementing a program. An employee’s morale, engagement, and productivity can be impacted by how well they manage money.
Read more about Employee Financial Wellness Programs.
Benefits of an Employee Assistance Program
An employee assistance program, or EAP, is one example of how you can help employees resolve a variety of issues that contribute to stress, which in turn, may be adversely affecting their work performance and morale.
Consider the benefits of an EAP program
Helpful information for Paychex clients
Applying for the Paycheck Protection Program (PPP) loan
The PPP provided significant financial incentives for small businesses to hold on to current employees and to bring back employees who had been laid off or furloughed. On July 4, 2020, President Trump signed into a law an extension of the PPP application period to August 8. Learn more about PPP loan forgiveness as well as other available funding options.
Applying for PPP loan forgiveness and maximizing loan forgiveness
Common business topics
- Running payroll or switching employee pay methods
- Common benefits questions and HR support
- 401(k) relief and retirement plan loan options
- Insurance coverage during COVID-19
Get more details in the Paychex Client FAQs
Resources for accountants
What information is available about how to calculate the tax credits that businesses might be eligible for under the Families First Coronavirus Response Act?
In collaboration with Paychex, Wolters Kluwer hosted a free two-credit CPE webinar that covered detailed computations of the credit calculations, as well as information on how to determine which of your business clients (employers and self-employed individuals) qualify. View for the recording (Note: the recording is not eligible for CPE credit). Also, feel free to access our Accountant Knowledge Center (AKC) for a free self-study course that is eligible for CPE credit.
Where can accounting professionals get updated news on regulatory issues and legislative developments?
The Accountant Knowledge Center will have a special section dedicated to COVID-19 developed by Wolters Kluwer. The section will include:
Paychex News Tracker: This free daily email news feed will cover legislative and regulatory developments at the federal and state levels that impact businesses across the United States.
HR/Labor and Employment Payroll and Benefits Briefing: Continual briefings, available now, on key aspects of the stimulus package, including human resources, labor and employment law, and payroll benefits.
State and Federal Employment Law Compare: This innovative tool, due in mid-April, can help you quickly compare multiple state employment laws in an easy-to-read chart. You'll receive summaries and full text of state and federal employment laws, regulations, executive orders, and case law.
Key Facts and Figures Card: Available in electronic copy only at paychex.com after the finalization of the third piece of the stimulus package legislation, this valuable tool provides quick reference information such as tax rates and deduction information.
What if my clients or I have additional questions regarding COVID-19?
If you need more information about how to respond to COVID-19 and other disruptive scenarios:
- Contact your Paychex representative
New Key Facts and Figures Card
This newly released Key Facts and Figures Card, authored by CCH - a Wolters Kluwer business - is a valuable tool that provides quick reference information that accountants will find useful regarding COVID-19.
Is there a minimum amount that can be requested on Form 7200?
Yes. The Internal Revenue Service (IRS) released new guidance stating that after July 2, 2020, Forms 7200, Advance Payment of Employer Credits Due to COVID-19, that are filed must request a minimum credit amount of $25. Any credit advance requested on the form that totals less than $25 will not be processed by the IRS. Any credit advance under $25 can be claimed by reducing a future deposit or claimed on Form 941 at the end of the quarter.
Ayudándole a navegar su negocio a través de COVID-19
Paychex se preocupa por usted y sus empleados. Este resumen de alto nivel proporciona información para ayudarlo a comprender lo que la legislación reciente podría significar para su negocio.