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Loan forgiveness.
Over the past weeks, these two simple words have become all-consuming for millions of small businesses who received vital funding under the Paycheck Protection Program (PPP). Though PPP loans have been an essential lifeline for businesses during the COVID-19 pandemic, complexity surrounding loan forgiveness presents a formidable challenge. Employers are anxious to put the forgiveness process behind them; however, it may just make sense, for now, to apply the brakes on the race to forgiveness.
On July 23, the Small Business Administration (SBA) announced that it will not be accepting PPP loan forgiveness applications until August 10, 2020, and may further extend this date if new legislation brings changes to the forgiveness process.
In addition, the SBA had announced that it would release updated guidance on forgiveness but has not yet done so.
Recent SBA hiccups may also indicate the wisdom of waiting until kinks in the system are ironed out. On July 6, the SBA released a report with the names of 660,000 small businesses that received loans of $150,000 and above. Though intended as an attempt at transparency after a portion of the first round of PPP funding was siphoned by large companies with ties to major banks, the new report is riddled with anomalies. For example, the PPP was designed to keep employees on payroll, but out of almost 4.9 million loans, 554,146 show zero “jobs retained” and 324,122 loans show “blank”; several loans even list negative job numbers.
Additionally, many business owners were shocked to find their company listed on the report when they had not even applied for a loan. This problematic report doesn’t generate confidence in the SBA’s processing of loans and may raise some doubts as to the SBA’s readiness to tackle forgiveness.
Employers may also want to make sure they have all the facts before submitting the complex forgiveness application. On June 16, in response to the Paycheck Protection Program Flexibility Act (PPPFA), the SBA released its revised PPP loan application, including an “EZ” version of the form. Loan forgiveness, however, is anything but easy. Employers must gather wage, health insurance, and pension plan data, along with documentation of mortgage interest, rent, and utility payments. In addition, many employers must determine if they reduced employee salaries or workforce counts relative to lookback periods, potentially reducing their loan forgiveness amount.
Not surprisingly, the American Institute of CPAs (AICPA) recommends that borrowers wait for final guidance before submitting their application.
In the face of all this uncertainty, a faint ray of light may bring relief to employers. On June 30, the Paycheck Protection Program Small Business Forgiveness Act was introduced in the Senate, proposing automatic forgiveness for PPP loans under $150,000. This bill, which covers approximately 86% of all loans granted but only 26% of funds, would lift a huge administrative burden from many small businesses who are trying to keep their heads above water during the pandemic. Though the bill is still in the Senate, some employers may decide to wait and see if they’ll be exempt from the forgiveness application process.
Ironically, the PPP has become both a necessity and a nuisance. Despite all the unknowns, one fact is certain: millions of small business owners are going through unprecedented economic challenges. Reliable data and clear guidance are essential for small businesses to successfully navigate PPP loan forgiveness. Oh, and maybe a couple of deep breaths.
This information is for educational purposes only, and not to provide specific legal advice. This may not reflect the most recent developments in the law and may not be applicable to a particular situation or jurisdiction.
Viventium Software Inc. is a SaaS-based human capital management solution that provides a remarkable user experience and award- winning software. Viventium provides flexible software and expert guidance so clients can be sure their payroll is done right.
Viventium offers specialized solutions in the health services markets which include home care agencies and skilled nursing facilities. Viventium Software supports all fifty of the United States with payroll and HR solutions.
Relax – you’re with Viventium.
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Licenses: Viventium HCM LLC NMLS ID: 2094503
Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
VERSE 1
In the world of work, there’s a tale to be told, About overtime hours, and the payroll gold, A consistent paycheck, that’s the worker’s dream, But when it comes to overtime, it’s not as easy as it seems.
PRE-CHORUS
Oh, Susie worked hard in San Francisco town, But the rules around overtime, they had her feeling down, 42 hours this week, she gave her all, Now it’s time to calculate, let the numbers fall.
CHORUS
Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
VERSE 2
Exempt or non-exempt, the title they hold, Where they work, where you’re based, it’s all in the fold, California or New York, the laws they diverge, For payroll admins, it’s a never-ending surge.
PRE-CHORUS
Oh, the DOL’s website, a labyrinth to explore, State regulations galore, it’s quite a chore, Staying compliant, it’s a tricky art, Missing out on requirements can break your heart.
CHORUS
Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
BRIDGE
But here’s a method that can save the day, A payroll software, to keep errors at bay, Input the info right, integrate with ease, No more manual labor, no more overtime fees.
VERSE 3
Back to Susie’s story, she’s owed her due, According to FLSA, it seems we have a clue, $860 on the table, that’s what we’d say, But California’s got its rules, changing the way.
PRE-CHORUS
Oh, California says, hours past eight, Are overtime-eligible, don’t underestimate, Now Susie’s owed $900, that’s the decree, In this overtime puzzle, you gotta set it free.
CHORUS
Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
OUTRO
So when it’s overtime, and the rules entwine, Choose a payroll software, let it all align, Viventium’s the name, we’ve got the key, To make overtime calculations a breeze, you’ll see.
ENDING
Don’t overwork yourself, don’t you fret, With Viventium by your side, it’s a safe bet, Relax, you’re with us, in this overtime fight, With the right tools in hand, everything’s gonna be alright.
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
VERSE 1
In the world of care, where time slips away, Caregivers dedicate, every single day. But when the hours are missed, in the daily race, Retroactive pay, steps up to embrace.
PRE-CHORUS
A caregiver tired, at the week’s end, Forgot to log hours, a mistake to mend. Admins face the challenge, calculations to make, To set it right, for the caregiver’s sake.
CHORUS
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
VERSE 2
Manual calculations, prone to a flaw, Dealing with shifts, odd hours, and the law. As your business grows, the cost takes flight, Automated solutions, shining bright.
PRE-CHORUS
Compliance is key, with FLSA’s might, Calculate and compensate, get it right. Avoid the audit’s gaze, fines and the cost, Retroactive pay, no longer lost.
CHORUS
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
BRIDGE
Employee satisfaction, a crucial part, Resolve mistakes, a work of heart. Relationships flourish, in pay’s embrace, A payroll software, creating a trace.
VERSE 3
Star caregivers, valued and strong, Retention and recruiting, where they belong. Automated solution, a total pay dance, Establish your business, a work-life romance.
PRE-CHORUS
A self-winding watch, Viventium’s grace, Optimizing payroll, in every case. No more struggles, in the payroll game, In it with you, time and time again.
CHORUS
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
OUTRO
As your business grows, in the hustle and fight, Viventium by your side, making it right. No more worries, in the payroll chain, In it with you, time and time again.
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
VERSE 1
In the world of business, we all aim to thrive, Year after year, our dreams taking flight. But as we soar higher, we start to see, More money, more problems, just like B.I.G. Outgrowing our shell, it’s an exciting phase, But it brings with it some challenging days. Solutions we had, now show their flaws, As we push the boundaries, breaking through the walls.
CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
VERSE 2
Employees across states, in different localities, Tax laws aplenty, creating complexities. Our old software’s limits, we’ve begun to see, Scaling up our business, we need to break free. Calculating pay and taxes, where it all begins, Errors in this process, lead to countless sins. Employees rely on us, trust in our might, To withhold what’s needed, get it just right.
CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
BRIDGE
Taxes, they’re not simple, that’s for sure, A world of complexity, there’s always more. But Viventium stands with us, in this fight, Geo Tax, our ally, making everything right.
VERSE 3
CPAs may struggle, and admins too, Keeping up with taxes, what can they do? The rules keep changing, it’s hard to keep pace, But Viventium’s here, in this challenging space.
CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
OUTRO
So relax, dear business, and set your mind free, With Geo Tax on our side, we’re the best that we can be. Viventium’s got us, in this tax-filled fight, No more worries, no more sleepless nights.
REPEAT CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
VERSE 1
In the world of admin tasks, where changes often arise, There’s a tool that’s been a savior, under office fluorescent skies. With flexibility and precision, it eases their daily strife, Let’s sing about this feature, it’s the pulse of our work life.
CHORUS
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
VERSE 2
Admins wear many hats, in their daily grind, Sometimes they need to adjust, leave no errors behind. Adding extra hours, bonuses, or fixing pay, They need a simple method, to make it all okay.
CHORUS
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
BRIDGE
Custom views and filters, tailor it to your need, Focus on the important, no need for needless speed. A hundred-dollar bonus, a few clicks and it’s in flight, Admins get it done, making sure it’s right.
VERSE 3
In the admin’s world, where numbers have their say, This tool steps in gracefully, making tasks less gray. An interface so intuitive, like an Excel sheet, Changing data effortlessly, making work complete.
CHORUS
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
OUTRO
So here’s to Payroll Grids, in our song of praise they gleam, For admins working diligently, they fulfill a dream. In the world of office hustle, they bring much-needed light, Let’s tip our hats to this tool, and its invaluable might.
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
VERSE 1
In the world of payroll, a daily task we face, Admins work hard, in this complex space, They handle policies, with attention and care, But there’s a solution that’s beyond compare.
PRE-CHORUS
Oh, payroll admins, your role’s crucial and true, But there’s a tool we’ve got, just for you, Let’s explore rule-based automation, my friend, With Viventium, your tasks will gently mend.
CHORUS
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
VERSE 2
Standardize policies, that’s the key, For tenure, role, union status, you’ll see, PTO, bonuses, pay rates defined, Automation makes your workload more aligned.
PRE-CHORUS
Oh, payroll admins, the burden’s a load, But rule-based automation lightens the road, No more tiresome chores, no more dread, With Viventium, it’s smoother ahead.
CHORUS
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
BRIDGE
In the world of payroll, where tasks repeat, We’ve got the solution, it’s oh so neat, “If this, then that,” it’s simple and sly, With Viventium by your side, you’ll reach for the sky.
VERSE 3
Tenure-based PTO, a common request, With Viventium, it’s passed the ultimate test, Set it up once, and then you’ll see, Automation handles the chore, oh so free.
PRE-CHORUS
Oh, payroll admins, take a breath, take a pause, With Rule-Based Automation, you’ll find no flaws, It’s easy, it’s simple, no programming in sight, Viventium’s got you covered, day and night.
CHORUS
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
OUTRO
So if you’re a payroll admin, feeling the weight, Let Viventium’s Rule-Based Automation be your fate, No more worries, no more strife, With Viventium, you’ll transform your work life.
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
VERSE 1
In the world of business, it’s a complex game, With factors and figures, it’s never the same. Decisions are key, they’ll determine your fate, So listen up closely, don’t be a bit late.
PRE-CHORUS
Gather your data, don’t let it fade, In the depths of spreadsheets, don’t let it cascade. Your HCM software, is it up to the task? To capture and store, to help you unmask.
CHORUS
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
VERSE 2
Once the data’s collected, it’s time to report, But it can be daunting, that’s the common retort. Pre-built solutions, they’re your guiding light, Turning raw data into visions so bright.
PRE-CHORUS
No more manual hours, no errors in sight, With report library’s might, everything’s right. Payroll summaries, tax liabilities, and more, All in a flash, you’ll have what you adore.
CHORUS
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
BRIDGE
Viventium’s here, with a passion so true, Constantly improving, for folks just like you. A Report Library, a gift from the stars, For data-driven dreams, it’ll take you far.
CHORUS
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
OUTRO
So remember this lesson, in the business terrain, It’s all ’bout decisions, don’t let ’em wane. With data as your guide, and Viventium’s grace, You’ll conquer the challenges you’ll face.
