PAYROLL ADVISORY PROGRAM
The FFCRA requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19
RETIREMENT PLAN PROVISIONS OF THE CARES ACT
Here's what plan sponsors need to know
HUMAN CAPITAL MANAGEMENT
Things to Consider
- Understanding the newly enacted leave programs
- Determining what loans, tax credits and tax deferral programs are right for your situation
- Capturing the right personnel data to apply for assistance and track for 2020
You are working day and night to keep your team healthy, maintain morale, help team members adapt to a remote work environment and more. Add the newly enacted legislation for sick leave, payroll protection and other available aid and it can quickly become overwhelming.
Here are three things to sort through first when it comes to deciding which path to take to provide assistance and relief to your people.
- Understanding Leave Programs – The new federal paid sick and family leave programs were launched with much fanfare, but very little detail. As rules have become clearer new questions emerge, do you need help determining if you are a joint employer? How do you evaluate the small business exceptions to the act? Does your union collective bargaining agreement change the way that you need to pay the outlined benefits? Once you get through that, just understanding what you need to ask employees to provide to take the leave can be confusing but we’re here to help.
- Which Loans, Tax Credits and Tax Deferral Programs Are Right For My Situation – The FFCRA introduced tax credits for paid leave, and the CARES Act brought us the Payroll Protection Program, the EIDL along with options for payroll tax payment deferrals and an employee retention credit program. Each of these programs has different rules as to who can participate, and participating in some of the programs mean that you are no longer eligible to participate in others. How can you determine which program is right for your business in the current environment and how do you take advantage of them to help you when you need it most?
- Recordkeeping – All of the new programs create new recordkeeping requirements for companies, mostly around payroll. You need to be able to show wages paid under the applicable programs, as well as employer taxes that would normally be due. When you file quarterly 941s, you’re going to need to be able to demonstrate why you took the credits you did, do you feel ready? Beyond that, if you’re requesting forgiveness or applying for the loan programs, you’re going to need a consistent way to document your payroll expenses. It can be daunting to understand what you need to keep track of and what needs to be reported.
The Human Capital Management team at BerganKDV is equipped to help you decide which avenues to take and then to help you get the documentation in place that you will need down the road.