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 […]
The Maryland Department of Labor (Labor) is excited to announce the launch of the BEACON One-Stop application for online claims filing. The first of its kind, the BEACON One-Stop will allow claimants to file claims for ALL unemployment insurance (UI) benefit programs through a single application, including the most recent federally-enacted unemployment programs, Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC).
To read more, click to open this PDF from MD Department of Labor. Read PDF
Paycheck Protection Program Update
April 22, 2020
Last night the senate passed a $482 Billion Dollar Relief Package. As part of this package, $310 Billion was set aside as additional funding for the SBA Payroll Protection Program. It is expected that Congress will pass the law and the President will sign it by this
Friday, April 24, 2020.
The new $310 billion for the Paycheck Protection Program includes $60 billion set aside for — and divided equally among — smaller banks and community lenders that seek to focus on underbanked neighborhoods and rural areas. Many smaller and minority […]