Update as of 11/2/2020 we’ve got some news on the forgiveness process that we’d like to share with you.
Paycheck Protection Program News
The Paycheck Protection Program loan, slated to end on June 30, will now accept applications until Aug. 8, thanks to a last-minute bill passed by Congress at the end of June.
The PPP was created to help business keep their employees on payroll during the COVID-19 pandemic. The loan may be forgiven if the business is able to meet the terms of agreement.
According to the Journal of Accountancy, by the end of June, the Small Business Administration had approved nearly 4.9 million loans totaling more than $520 billion. About $130 billion of the funds remain unused.
What else is new-ish…
At the beginning of June the Paycheck Protection Program Flexibility Act of 2020 was passed. This Act updated the terms of the coverage period for the PPP loan from February 15th 2020 to December 31st 2020. The Paycheck Protection Program Flexibility Act of 2020 also updated the coverage period to use the loan from 8 weeks to 24 weeks. The covered period to use the loan depends on when you applied for the loan. Another key change is the spend amount for forgiveness. Previously, 75% of the cost had to go to payroll. Now 60% can be used for payroll and 40% can go toward mortgage obligations, covered rent, or covered utility payment. For more information please about the Paycheck Protection Plan Flexibility Act please read H.R. 7010.
Why Atlantic Payroll Partners
The biggest payroll companies probably won’t have time for your business. It’s that simple, you’ll be a number. At Atlantic Payroll Partners, you’ll be the opposite. We’ll know more than your name; we’ll know the names of your children and their birthday’s as well. We will know you.
We’ve been helping Florida business by managing their payroll and providing workers' compensation quotes for ten years. We help keep payroll cost affordable by provided transparent PEO payroll quotes that allow you to plan your budget accordingly. Like the big payroll companies, you can manage your payroll and payroll timekeeping with us, while reaping the benefits of PEO risk management.
Thinking about payroll outsourcing can be scary. Make sure you know what to expect from payroll outsourcing providers; to make the best decision for your business. In addition to offering payroll, and workers' comp quote we offer: Human Resource consultations, Accounting services, and benefits such as, 401ks and Healthcare plans.