Updated: New Paycheck Protection Program Payroll Reports
Update, 4/24/20: President Trump signed into law an additional allocation of funds for the Paycheck Protection Program (PPP) on 4/24/20. The law authorizes an additional $310 billion to the Paycheck Protection Program, $50 billion to the Economic Injury Disaster Loan (EIDL) program and $10 billion for EIDL grants.
Notably, $60 billion of the allocated funds have been set aside for community lenders, including state and federal credit unions.
To help you move quickly to access these funds, we’ve put together a quick start guide. Link to: https://www.surepayroll.com/resources/blog/ppp-quick-start
Update, 4/16/2020: The SBA announced on April 16, 2020 that the initial $349 billion authorization for loans under the Paycheck Protection Program has been exhausted. Here’s what you need to know.
Update, 4/10/2020: We know that navigating the various relief options can be a challenge. Jackson Lewis has published a flow chart to help businesses understand their eligibility and opportunity for forgiveness under the Paycheck Protection Program.
Update, 4:00PM CT 4/7/20: We are staying on top of all regulatory developments and have updated SurePayroll’s Paycheck Protection Program payroll data report to remove employer social security and Medicare (FICA) from the final calculations, per the new guidance issued by SBA. The final calculations you see on the report screen are accurate per the guidance issued April 6, 2020.
At approximately 10:00 p.m. on April 6, 2020, the Small Business Association (SBA) issued additional guidance for the Coronavirus Aid, Relief, and Economic Security Act (CARES) Paycheck Protection Program loan program.
The new guidance clarified for the first time that employer-paid FICA (Social Security and Medicare) should not be included in the “payroll costs” calculation.
If you’ve already applied for a PPP loan:
Borrowers who applied or have had a loan approved using the previous version of the SurePayroll Paycheck Protection Program Data Report do not need to take any action. The SBA guidance also provided a safe harbor for any borrower who has already applied for a loan based on the version of the Paycheck Protection Program Interim Final Rule published April 2, 2020.
If you haven’t yet submitted your PPP loan application:
We have updated SurePayroll’s Paycheck Protection Program payroll data report to remove employer social security and Medicare (FICA) from the final calculations, per the new guidance issued by SBA. The final calculations you see on the report screen are accurate per the guidance issued April 6, 2020.
Rest assured that when it comes to understanding and supporting you in seeking relief through COVID-19 response legislation, we have your back. We will continue to provide updates to you as product updates and additional guidance are available.
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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.