Features Added for COVID19

FastPay is providing three additional features (tax break code, reports, and PPP tracking) to help our clients receive any eligible benefits that pertain to the new assistance programs.  

 

Tax break codes

In an effort to provide quick funds and improve cash flow, the Internal Revenue Service and the Department of Labor announced how businesses with fewer than 500 employees can obtain relief through the Families First Coronavirus Response Act (FFCRA). As of April 1, 2020, the federal government will reimburse nonprofit organizations and small to midsize businesses with the costs related to providing employees with paid leave associated with the coronavirus.   

 

FastPay can set up your company with the three standard earning codes/types needed to handle the special tax implications.

 

  • Emergency Self Sick Pay (EPS): This is for leave paid to an employee who is unable to work because of: coronavirus quarantine, self-quarantine or has coronavirus symptoms and is seeking a medical diagnosis, and the business wants the tax credit. 
  • Emergency Care of Another Sick Pay (EDPS): This is for leave paid to an employee who is caring for someone with coronavirus, is caring for a child because the child's school or child care facility is closed, or the child care provider is unavailable due to the coronavirus that a business wants the tax credit on. 
  • Emergency FMLA (EFMLA): This is for leave paid to an employee who is unable to work because of a need to care for a child whose school or child care facility is closed or whose child care provider is unavailable due to the coronavirus that a business wants the tax credit on.

Reports

Although the Families First Coronavirus Response Act (FFCRA) Codes/Tax Credits along with  PPP Loans/Forgiveness are all separate aids, the acceptance of one can have an impact on your ability to apply, or accept, other aid. 

 

FastPay, with adherence to the Prompt Payment for the Cost of Providing Leave, is happy to aid in providing the reports and assistance needed to support this process.Labor-Distribution-Report

 

  • Labor Distribution Report: Employer Portion of SS (SS-R) Taxable Wages are now being reduced by not only pretax deductions, but also the FFCRA Earning Codes (if you have elected to set up and utilize them). 

 

  • Payroll Summary Report: In the Tax Credits section, you will see the tax credit for the FFCRA wages. The net of the total FFCRA Tax Credit and the Total Tax from the Labor Report will be the amount that will be your Total Tax Liability that will be ACHed from your account.

 

Manage and track your PPP dollars

Managing and tracking how your PPP dollars are being spent is critical, and directly related to the potential forgiveness of the loan. 

 

FastPay, in partnership with a top 10 CPA firm, is offering a connected and dynamic solution to help. This solution will:

 

  • Connect with FastPay's payroll solutions to automatically update all payroll information on a per processing basis

  • Help clients to determine the maximum available loan available under PPP

  • Evaluate and determine the amount of forgiveness based on the actions of the organization

  • Provide access to support services and specialized consultation as needed



As we find ourselves in the middle of two worlds – pre and post COVID19 – FastPay remains committed to following the changes in our federal and local laws, and providing that information to our clients.

 

Give FastPay a call to learn more about the eligibility and benefits available to your business.Smarter Payroll Can Grow Your Business | Schedule a Call

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