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President Signs Bill Providing PPP Flexibility

16.06.2020
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On June 5, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (H.R.7010).  For the changes this allows within the PPP Program, please open the PDF below.

Read PDF:  President signs PPP law

PPP Law Change Highlights

4.06.2020
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The following is a summary of the legislation’s main points that was passed yesterday:

PPP borrowers can choose to extend the eight-week period to 24 weeks, or they can keep the original eight-week period. This flexibility is designed to make it easier for more borrowers to reach full, or almost full, forgiveness.
The payroll expenditure requirement drops to 60% from 75%.but is now a cliff, meaning that borrowers must spend at least 60% on payroll or none of the loan will be forgiven. Currently, a borrower is required to reduce the amount eligible for forgiveness if […]

Report Returning Employees Online

14.05.2020
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Report Returning Employees Online

New hire reports are due within 20 days of hiring a new or returning employee.
Reporting online is free, fast and secure. New hire reporting is required by law.
Reporting helps children get the child support they need, while helping to combat unemployment fraud.

Remember:

Federal and State law requires employers to report newly hired and re-hired employees in Maryland to the Maryland State Directory of New Hire. This site will provide you with information about reporting new hires including reporting online and other reporting options.

The Maryland New Hire Reporting Program is […]

Workers Compensation Update

12.05.2020
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Workers Compensation Update

MIA Bulletin 20-21

Workers compensation update-if you are paying an employee through the COVID-19 crisis but the employee is not performing any employment functions, these wages may be excluded from the Workers Compensation calculation however, you must be able to document this payroll in order to exclude it form the premium calculations. Please use the below link to access MIA bulletin 20-21.

https://insurance.maryland.gov/Insurer/Documents/bulletins/20-21-COVID-19-Workers-Comp-Ins.pdf

As always please feel free to contact TRS CPA Group […]

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