We understand that this is a challenging time and that resources and patience are running thin. It is our intent to help employers navigate the changes in legislation so they can rebound as swiftly and soundly as possible from this crisis.
Coronavirus Aid, Relief, and Economic Securities Act (CARES) Act
Signed into law on March 27th, the Coronavirus Aid, Relief, and Economic Securities Act (CARES) Act provides businesses facing difficult decisions with much-needed relief. One aspect, the Paycheck Protection Program (PPP), incentivizes employers to retain their employees by providing forgivable loans to offset certain payroll costs.
- The data needed to complete loan applications, including the PPP Report providing applicable payroll information
- The tools needed to have a PPP loan forgiven, including the PPP Loan Forgiveness Calculator
- Reports needed to report payroll tax filings to the IRS, and state income and unemployment insurance filings
Families First Coronavirus Response Act (FFCRA)
On March 18th, the Families First Coronavirus Response Act (FFCRA) was signed into law, temporarily requiring employers to provide paid leave to employees for certain COVID-19 related reasons. Included in it are the Emergency Family and Medical Leave Act and the Emergency Paid Sick Leave Act. While employers are responsible for funding the paid leave, they are eligible for tax credits for the paid leave provided to employees.
We help employers accurately track data associated with the FFCRA by:
- Creating appropriate earning codes within our isolved system
- Adding qualifying reasons for leave so employers can keep track of each employee
- Creating absence codes so employers can account for sick time using the employees’ timecards
- Providing reports to help employers calculate employee payments
- Assisting in the process of mass inactivating or terminating employees, should they need it
HR Support: Our Business Response Package
We identified a need among our client-base for assistance in making sense of the two, new leaves covered in the FFCRA, the Emergency Family and Medical Leave Act and the Emergency Paid Sick Leave Act. In response, we created a new 90-day service, our Business Response Package (or BRP).
With this service, employers will work with a Human Resource Generalist who will provide guidance with:
- Navigating the two new leaves covered under FFCRA
- Making determination regarding furlough, layoffs, or a reduction in workforce
- Understanding the interplay between federal and state sick laws
- Notifying workers about potential unemployment insurance eligibility resulting from the new law
- Protecting against discrimination and retaliation claims
- Managing their remote workforce
COVID-19 Preparedness Resources
To help employers cut through the clutter of information circulating, we created a COVID-19 Preparedness Resources section of our website filled with relevant and valuable information, like:
- A Collection of Resources from the DOL, OSHA, and the CDC
- What Employers Need to Know About the Paycheck Protection Program
- Navigating the FFCRA
- Labor Resources by State
- What to Consider When Accommodating Remote Workers
- And much more.
We’re Here to Help
It is our goal to remain a resource to you and to help you assist your clients during this difficult time.
If you are a CPA, reach out to us through our CPA helpline at: cpasupport@balancepointHCM.com
If you are a broker, reach out to us through our broker helpline: brokersupport@balancepointHCM.com