The novel coronavirus (COVID-19) has created the need for products that can help you track various credits and deferral savings.
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 and allows their employers to claim those leave payments as tax credits. 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 the 50% employee retention credit, the deferral of the payment of employer social security tax, and the Paycheck Protection Program (PPP) administered by the SBA.
We have three goals as it relates to these new laws:
| Help you understand the laws,
| Help you benefit from the provisions, and
| Most importantly, provide you with software that can help you with compliant tracking and reporting!
Our COVID-19 Product Suite is available for free in 2020 to clients who use our payroll product!
THE COVID-19 ANALYTICS DASHBOARD
The COVID-19 Analytics Dashboard provides an overview of the Families First Coronavirus Response Act (FFCRA) and CARES Act tax credits displayed in real-time.
THE CARES SBA AVERAGE MONTHLY PAYROLL REPORT
This report automatically calculates the sum and average of documented payroll costs, a requirement of the Paycheck Protection Program (PPP) for those seeking SBA loans.
THE UNCOLLECTED COVID-19 TAX CREDIT REPORT
This report allows you to see which available tax credits were not applied against your payroll tax deposits so you can populate and fax Form 7200 to the IRS.
There is no better way to learn than to hear directly from the experts when it comes to the latest in payroll, HR, and tax compliance.
I really appreciated the quick work done by Viventium to get this report prepared in time for SBA filings. Many practices are going to have to depend on SBA as a lifeline.
Raleigh Capitol Ear, Nose, and Throat
Thank you so very much for the accurate and thorough work your team does and has done over the years. I have worked with Viventium since my parent company d’mai Urban Spa LLC was a client of BDB Payroll. It must be challenging maintaining your level of excellence during the COVID pandemic—but you are!