On May 28, 2020 the House of Representatives voted in favor of a bill called the “Payroll Protection Program Flexibility Act”. The bill will now head to the Senate for a vote, likely next week.
The legislation intends to make it easier for businesses to have their Paycheck Protection Program (PPP) loans forgiven by relaxing restrictions.
Some of the highlights of the bill include:
Extending the forgiveness period from 8 weeks to 24 weeks
Reducing payroll spending requirements from 75% to 60% of original loan amount
Extending the current June 30, 2020 deadline to hire back employees […]
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.
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
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.
As always please feel free to contact TRS CPA Group […]
Debt Forgiveness Under the Paycheck Protection Program
Many of our small business clients have received funding of their Paycheck Protection Program SBA Loans. The first step to get full or partial forgiveness under the program is to determine the number of FTE’s (Full Time Equivalent) employees that a small business must maintain during the eight-week period following funding of the loan. Unfortunately, guidance on this calculation is very limited from the SBA and Congress.
The FTE calculation should be done immediately, because the loan forgiveness is based on maintaining your average number of FTE employees during […]