FFCRA Compliance for Q2

Every employer must comply with the Families First Coronavirus Response Act, which gives two weeks of paid leave for COVID-related absences that occur between April 1 and December 31, 2020. The leave is funded by the federal government. The paid leave is reported on the employer’s quarterly Form 941 — so if you use an[…]

PPP Forgiveness Updates

On June 5, the Paycheck Protection Program Flexibility Act was signed into law, extending the time period during which employers have to use the funds and have their loan forgiven. When the PPP was originally designed in March, the expectation was that businesses and organizations would be back to full operation by the end of[…]

PPP Loan Forgiveness Application

The SBA has released their PPP Loan Forgiveness Calculation Form, PPP Schedule A, and PPP Schedule A worksheet. Your bank may have their own loan forgiveness application, but it will likely be similar to the SBA forms. Our newly updated (v5) spreadsheet will assist you with the preparation of your payroll and expense information. The[…]

CARES Act Employee Retention Credit

If you did not receive a Paycheck Protection Program loan, you may be eligible for an Employee Retention Credit of up to $5,000 per employee. This credit is calculated based on employee wages paid, and then claimed when filing the quarterly IRS Form 941. Don’t neglect this funding! Eligible employers are those whose business has[…]

SBA PPP Loan Bookkeeping

The SBA’s Paycheck Protection Program works through local banks to support small businesses and non-profits with a forgivable loan to cover eight weeks of payroll, rent and utilities.  Each recipient will be required to document the use of the funds in order to seek forgiveness of the loan.  Step-by-step instructions for QuickBooks entry simplifies the reporting:[…]

QuickBooks 2020

If you’re using QuickBooks 2017 or earlier, you may have received notices about your software support being discontinued at the end of May.  Support for QuickBooks 2017 will end on May 31, 2020.  What’s the cheapest way to update?  If you are not using the payroll features, the older versions will continue to function.  However,[…]

Paycheck Protection Program

The third legislation, the CARES Act includes a program that provides resources for small businesses and non-profit organizations to keep their employees on their payroll.  The funding is in the form of a loan that will be forgiven if it is used for payroll and eligible expenses during the eight weeks after the loan is[…]