Throughout the pandemic, our top priority has been helping clients navigate these uncharted times. Whether providing support when applying for the Paycheck Protection Program (PPP) or guidance around paid leave, work from home or return to work, we are here for you.
We are happy to share this 25-minute video covering important information and reminders about the PPP and the Paycheck Protection Program Flexibility Act (PPPFA) which Congress passed on June 5. For those of you who received a PPP loan, now’s the time to educate yourselves on the approaching forgiveness process. We’ve provided a timestamp outline so you can quickly navigate to the most important sections.
Intro (0:00 – 1:20)
Pat Cleary, President and CEO of NAPEO (National Association of Professional Employer Organization) shares ways to maximize your PEO’s expertise during this time
Presented by Seth Perretta and Malcolm Slee of Groom Law Group
- PPP Overview
- PPP Forgiveness Process
- PPPFA (Paycheck Protection Program Flexibility Act)
- New forms and SBA/Treasury
- “Don’t forgets” – Important tips and reminders
Overview of PPP (3:56) – Enacted as part of the CARES Act, PPP provides low-interest loans to certain qualifying small businesses for paying eligible payroll and non-payroll costs
Loan Forgiveness (5:39) – This section discusses partial and entire loan forgiveness, where loan converts into a grant. It also covers the CARES Act requirements to maintain headcount and the penalties if employees are laid off or salaries/wages are cut.
New EZ Form (16:31) – Designed to reduce the burden and time spent completing loan forgiveness application. This section explains which borrowers are eligible to use the EZ form
Don’t Forget (18:45)– These are helpful reminders borrowers should consider as they move forward with forgiveness loan applications
MidwestHR is a top ranked CPEO in Illinois (certified professional employer organization). For over 20 years clients have counted on our team of experts to manage all or part of their HR functions including payroll and tax administration, benefits management, workers’ compensation, risk management and more. We know it’s challenging to adjust your business model during COVID-19. Please leverage our team’s expertise. Give us a call at 630-836-3000.