We created this resource center to help employers cut through the deluge of information and identify what your organization needs to do in both the short and long-term. You’ll find our latest updates, action items and webinar recordings.
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We will hold a webinar each Friday to help our clients understand the impact of coronavirus on their people, processes and profits. We’ll provide the latest updates, answer questions, pinpoint action items and provide one hour of CPE. Recordings of each webinar will be archived on this page.
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Watch Eric Wenger, Tax Partner, Ryan Hurst, Consulting Partner, and Bethany Novis, Consulting Partner, walk you through the most recent developments stemming from the PPP loan forgiveness application released on May 15th and give you a quick update on pending stimulus legislation.
You’ll learn more about the SBA’s detailed instructions for borrowers to calculate loan forgiveness on the new application form. We’ll help you understand the eligible forgivable costs, provide an overview on forgiveness calculations, clarify the new rules that will answer many commonly asked questions and update you on what still remains unclear.
Yes, per the final bill, the following are employer taxes are included: Section 3111(a) – 6.2% employer portion of social security tax, Section 3221(a) – Railroad retirement payroll taxes, Section 3111(b) – 1.45% Employer portion of Medicare tax.
The legislation is not retroactive. The provisions will apply on April 1 and they will expire on December 31, 2020.
Currently, they are not considered excluded for purposes of qualified employees. The bill does have a section that allows the Secretary of Labor the authority to issue regulations that would exclude this group, however, no such regulations have been issued at this time. Additionally, if regulations are passed, they would allow the employer to elect out, it would not be an automatically exclusion.