Navigating COVID-19 Legislation
Check Out Your States Response to COVID-19
In response to the COVID-19 pandemic, state and local governments continue to issue new and modify existing executive orders, while the federal government provides additional guidance, all to help keep people safe and coordinate re-opening efforts.
This influx of information can present challenges, and we want to help make navigating these details as easy as possible for you. Please click here to see resources by state with details on your state’s response, plus other valuable information such as:
- Stay-at-Home or Shelter-in-Place orders
- Collection processes
- Leave regulations
- Links to additional resources (state Department of Labor, state COVID-19 pages)
Small businesses can breathe a (small) sigh of relief since funding has been replenished for Paycheck Protection Program (PPP) loans. The loan application requires payroll data to support the average monthly payroll calculations. We’ve provided our customers with ready-made payroll data reports to facilitate their loan applications.
- If you’re an Oasis customer, please visit the Oasis Client Services Website or contact your Payroll Specialist for a PPP Report.
- Not a customer? If you haven’t yet applied and are interested in doing so, you’ll want to collect your payroll data from your existing or prior payroll provider, or from your business financial statements if you do not have a payroll provider.
Find an SBA-Approved Lender
As you work to navigate these unprecedented times, you need to take advantage of every opportunity available to you and your small business. One of these is the Paycheck Protection Program (PPP), designed to help eligible businesses stay open and keep employees on payroll by providing access to potentially forgivable loans.
To gain access to a PPP loan, you must work with a SBA-approved lender. We have heard from some of our clients that their preferred lender is not offering these loans, or they are having trouble finding a SBA-approved lender to help them navigate through and fund their PPP loan.
Click here to find a SBA-approved lender today.
Understand Your Potential Forgiveness
Once your Paycheck Protection Program (PPP) loan closes, your eight-week period for loan forgiveness begins immediately. To maximize forgiveness eligibility, you need to get people back on payroll quickly.
We’ve put together a scenario to show you how the process works. Once you’ve reviewed the example, use our Return to Work checklist to help in rehiring furloughed or laid off employees to maximize your PPP loan forgiveness.
To help you navigate this process, we have created the Paycheck Protection Program Loan Forgiveness Estimator to give insight into how an estimate of much of your loan may qualify for forgiveness and how much may need to be paid back.
|PPP Loan Forgiveness Estimator|
Guide to Navigating COVID-19 Related Legislation Relief Options
The legislation is complicated, and not all provisions can be used in combination if you plan to seek forgiveness of a Paycheck Protection Program loan. We recommend you consult your CPA or financial advisor to determine the best relief options for your business, and to prepare you for that conversation we’ve put together a guide to help you compare your options, which include:
- FFCRA Credit
- Paycheck Protection Program (PPP) Loan
- Expansion of the SBA’s Economic Injury Disaster Loan (EIDL)
- Employee Retention Credit
- Payroll Tax Deferral
Download this guide to understand your options for eligibility, requirements, forgiveness, repayment and more.
Rest assured that when it comes to helping you understand and seek 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. Below are some additional resources:
|Oasis Customer Support Tool||Help Center||PPP Loan Forgiveness Estimator|
1Not available in RI, NV, ND, VT, and CA (Fundera Only). Clients in these states may connect directly with Biz2Credit, Fundera, and Lendio. In some cases, Paychex may receive compensation from an SBA-approved lender if you receive a PPP loan, subject to applicable laws.
The content contained within this email reflects the most current information at the time of its release. Any information provided in this email may no longer be viable subsequent to its issuance.
June 10, 2020: The passage of the PPP Flexibility Act on June 5, 2020 modifies certain provisions related to the forgiveness of loans under the Paycheck Protection Program, allowing recipients of loan forgiveness under the PPP to defer payroll taxes.