Ascentis has assembled a set of resources to help businesses better understand the legislative updates during the COVID-19 outbreak. We vow to do our best to help you stay informed, provide you and your employees with the resources you need, and continue supporting each other where we need it most.
Check out our blog for content related to returning to the workplace and the new normal.
Legislative Update Webinars
Legislative Update Blog Posts
AICPA-Led Coalition Support for Small Business Funding
Ascentis is proud to partner with a coalition of industry leaders, led by the AICPA, advocating for support and solutions for small business funding as a result of COVID-19 and its economic impacts. The coalition will continue to provide guidance and insight to help small businesses and will get information into your hands as quickly as possible. Here’s some of the latest info from the coalition:
PPP Payroll Calculators for Loan Application (see bottom of page)
Paycheck Protection Program Loans: Frequently Asked Questions (as of April 7, 2020)
Other Helpful Articles
IRS Guidance: Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
How Ascentis Can Help
Ascentis supports its clients through the ever evolving COVID-19 relief legislation coming out of Washington, DC. That support includes the Families First Coronavirus Response Act (FFCRA), Coronavirus Aid, Relief, and Economic Security Act (CARES) and the Presidential Memorandum.
1. Paid sick leave: Ascentis provides you the ability to customize pay codes so that your organization can track the different types of leave that is associated with COVID-19.
2. FMLA: Our products currently support the ability to create the expanded FMLA benefits associated with COVID-19 cases.
3. Employer Tax Deferral: We have logic in place to defer the employer portion of OASDI (6.2%) provided under the CARES Act. This support will continue through the repayment deadline in 2022 for any deferred tax as defined in the law.
4. Employee Retention Tax Credits and PPP Loan Reports: As defined in the CARES Act employers can gain tax relief through maintaining specific staffing level. Additionally businesses that applied for the Payroll Protection Program loan program can access the needed forgiveness reports.
5. Employee Payroll Tax Credit: The Presidential Memorandum issued on 8/8/2020 provided employers the option to defer the employee portion of OASDI (6.2%) from 9/1/2020 to 12/31/2020
If you would like to learn more about how Ascentis can help your organization, contact us today to learn more.