Our commitment to you…

We are experiencing an unprecedented event in history and during this time we understand that communication is paramount. Our Team is dedicated to keeping you informed as events and news unfolds. Be assured that we are organized and in place to continue to service clients with dedicated payroll experts. When you call, we will answer.

As immediate and long-term recommendations emerge, we will continue to post updates and share best practices and tips about productivity. 

RESOURCES

We are eager to help small business owners with solutions to continue employing, supporting, and paying their employees during the Covid 19 pandemic. There are several resources to support business and their employees based on specific situations. Below is a summary of business and payroll related benefits that may be available. Please contact your local Payroll Vault office to support administration of your resources and credits. Important item to note, please let your Payroll Vault representative know if you have taken advantage of the Paycheck Protection Program (PPP) and if so, have you been granted forgiveness. This will affect how you can utilize available programs. We also expect several continued updates and changes to current resources and legislation.

Presidential Executive Order on Employee FICA-SS Tax Deferral

On August 8th, the president issued a memorandum calling for businesses to be able to stop withholding the employee portion of FICA Social Security tax. On August 28th, the IRS issued additional guidance for the deferral here.
Employers can choose to opt in and are encouraged to speak to their employees regarding participation. The memorandum encourages the treasury to work on details for forgiveness, however no details for forgiveness currently exist. We encourage our clients to carefully review the current information and consult with their Professional Advisors (Accounting-Legal-Human Resources) before making a decision. Your local Payroll Vault office is ready to support the administration of the program when the Employer and/or Employee decision has been made to participate in the program.

Small Business Relief, PPP Loans, EIDL Loans, Forgiveness & Grants

Please use these links to access resources and information that is available to support business and related employment of staff.

Families First Coronavirus Response Act (FFCRA)

What is it: Employers with under 500 employees are required to provide family leave and/or sick pay to their employees who:
  • become sick with Covid-19,
  • are required to quarantine due to Covid-19,
  • are caring for someone with Covid-19,
  • or are caring for a child who is not able to attend school or daycare due to mandated closures.

The FFCRA provides a credit for up to 100% of the employee’s wages for sick or quarantine pay and up to 2/3 for other care or childcare

Collecting information: If employees need to take time off for any of the above reasons, you will need to collect documentation and may need to track the hours via a timekeeping solution.

How it works: The credit is taken against federal payroll taxes and is immediately available as you run payroll. If the credit exceeds the tax total due, you can submit a form to the IRS to receive a refund for the difference.

Contact your local Payroll Vault office today to take advantage of this credit. If you have received PPP or EIDL funding, you can still take advantage of this credit, but there are details to consider. Your local Payroll Vault office is happy to help.

Other CARES Act credits that may be available

States and Local Governments are also offering resources.
Contact directly or refer to your State and Local government website.

Small Business – 3 Step Action

  1. Research Options
  2. Contact your Payroll Vault representative
  3. Initiate Plan supported by Payroll Vault

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