You may have seen the meme “January, February, Lockdown, December.” 2020 truly has been a paradoxical year, feeling as though it’s flown by while also lasting for eternity, and although “unprecedented” has been overused so much, it’s only one of the many new clichés. But COVID-19 is an experience most people today have never gone through before nor ever thought they would. Was this how you pictured 2020 pre-COVID: travel restrictions, quarantines, shortages, masks, social distancing, and a whole slew of new guidance and legislation, among so many other things? Almost certainly not.
The laws and regulations passed in response to this pandemic have created numerous compliance requirements and concerns. But fortunately, they have also offered employers and employees many benefits, including paid leave, tax credits, tax deferrals, loans, and grants. Two of these most crucial COVID-related laws of 2020 are the FFCRA and the CARES Act.
The Families First Coronavirus Response Act (FFCRA) was signed on March 18, 2020, and went into effect on April 1, 2020. The act provides paid sick and child care leave to employees who cannot work for specific COVID-19 reasons. It also allows their employers to claim those leave payments as tax credits to offset their federal tax liabilities.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This act provides a range of benefits to assist employers during these challenging times, including a 50% employee retention credit, the deferral of the payment of employer social security tax, and the creation of the Paycheck Protection Program (PPP), administered by the SBA.
With the volume and velocity of all the new rules, keeping track of various credits and deferral savings, especially those associated with the FFCRA and CARES Act, can seem dizzying. And it probably leaves you hoping that there’s an easier way. Wouldn’t it be great to have everything you need to help you track various credits and deferral savings?
Well, you’re in luck, because with Viventium, there is – with our COVID-19 Analytics Dashboard.
If you’re not familiar with dashboards, dashboards are a type of graphical user interface that visually displays an overview of data, such as key performance indicators (KPIs) and other metrics, often via charts, tables, and graphs. They connect to one or more data sources and help provide business intelligence insights, giving up-to-date, at-a-glance summaries in a consolidated place.
Our COVID-19 Analytics Dashboard provides an overview of FFCRA and CARES Act tax credits – all displayed in real-time. Our dashboard includes five key performance indicators displaying year-to-date information – FFCRA sick credits, FFCRA child care credits, CARES Act retention credits, employees on retention, and uncollected tax credits – as well as four graphs displaying tax credits applied against 941 liabilities, uncollected tax credits (needed for Form 7200), 941 tax liabilities, and paid sick and child care hours. With this dashboard connected to your organization’s systems, you’ll have quick and easy access to the data that you need to help ensure you don’t miss out on any government assistance.
To learn more about our COVID-19 Analytics Dashboard and our full suite of COVID-19 Software Solutions, check out www.viventium.com/covid-19-solutions, and request a demo today.
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