Coronavirus Readiness Search: Search Login We’re Ready to Help At Advance Partners, the health and well being of you and your staffing firm is very important to us. We are closely monitoring the COVID-19 pandemic and have taken precautionary measures to ensure the ongoing health and safety of our team members, while ensuring that service is uninterrupted and support teams are responsive and available to provide your payroll funding. Advance Partners is uniquely positioned to help staffing firms thrive during these uncertain times and we will continue to be here to serve you. We’ve also created resources and information specifically to help staffing firm owners navigate these uncertain times. Click the links below and check back often for the latest updates on how the coronavirus will affect your staffing firm. If you or your staffing firm has been affected by the COVID-19 pandemic, either directly or as a result of your current funder tightening restrictions, and you would like to learn more about how Advance Partners can help you, our teams are standing by to help you find a solution. Click here to get in touch. Payroll Tax Deferral › The Paycheck Protection Program › Families First Coronavirus Response Act › Coronavirus Aid, Relief, and Economic Security (CARES) Act › Advance Partners Operations › Coronavirus Webinar Resources › Coronavirus at Work › Payroll Tax Deferral What is it? President Trump signed one executive order and three memoranda on Aug. 8, 2020, aimed at providing financial assistance and relief to Americans amid the ongoing COVID-19 pandemic. Note: This is a deferral, not a payroll tax forgiveness. This memorandum instructs the Secretary of the Treasury to defer the withholding, deposit, and payment of the tax imposed on the employee portion of the Social Security tax of 6.2% until next year. When will deferred payroll taxes come due? Will this affect me? What wages are subject to this deferral? Who is responsible to pay these taxes once they are eventually due? Tax considerations The Paycheck Protection Program (PPP) PPP Loan Forgiveness: Keeping Employees Working During COVID-19 PPP Loan Updates: Many of the changes to the loan forgiveness provisions of the PPP loan involved extended deadlines, as well as to the covered period for loan forgiveness. Additional changes were made on the percentages applied to eligible costs that could be forgiven and exemptions on full-time equivalent (FTE) employees that are included in calculating forgiveness. Extends the covered period. The covered period begins on the date you receive your loan and ends 24 weeks later, or Dec. 31, 2020, whichever is earlier. Borrowers who received a PPP loan before June 5, 2020 (the effective date of the PPP Flexibility Act) may elect to use their original covered period (eight weeks after their loan received). Loan forgiveness. Amends SBA rule requiring that not more than 25% of the borrower’s loan forgiveness amount could be attributed to non-payroll costs. If a borrower uses less than 60% of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60% of the loan forgiveness amount having been used for payroll costs. FTE Salary/Hourly Wage Re-Hire safe harbors. Extends the time a borrower can qualify for the FTE and Salary/Hourly Wage reduction safe harbors from June 30, 2020 to Dec. 31, 2020 if they fully restore FTEs and/or salary/hourly wages. The Act also created a new FTE Reduction Exemption that provides loan forgiveness will not be impacted if the FTE reduction was due to being unable to re-hire employees (or hire similarly qualified employees) or return to pre-COVID-19 business activity. Extended Deferral of Loan Repayment. Extends deferment of payments of loan principle, interest and fees, from the current six months, to the date when the SBA pays the forgiveness amount to your lender. If a borrower has not applied for forgiveness of a covered loan within 10 months after the last day of the covered period payments on principal, interest and fees will begin. Form 7200: What do I need to know? What do I need to know? How do I calculate my payroll for the PPP loan? Will the loan be forgiven? How to maximize your loan forgiveness Loan forgiveness estimator Families First Coronavirus Response Act What do I need to know? Here’s what we know as of Monday, March 30, 2020: The effective date for the FFCRA is Wednesday, April 1, 2020. The leave provisions of the FFCRA generally apply to all private employers with fewer than 500 employees. Eligible employees with a qualifying need related to the COVID-19 public health pandemic as specified in the FFCRA will be entitled to paid leave as of April 1, 2020. Each covered employer must post a notice of the FFCRA requirements in a conspicuous place on its premises. Covered employers will be entitled to tax credits in the specified amount under the law for the benefits paid to eligible employees for qualified leave taken under the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act between April 1, 2020, and December 31, 2020. How is FMLA affected How is paid sick leave affected? What are these tax credits I keep hearing about? What if I already offer paid time off to my employees? Coronavirus Aid, Relief, and Economic Security (CARES) Act What do I need to know? The CARES Act is a financial stimulus package designed to help small businesses get a loan of up to $10 million to stay afloat to help offset the financial challenges created by the COVID-19 pandemic. Additional benefits provided through the Paycheck Protection Program (PPP) incentivize you to avoid layoffs. Can staffing firms receive relief? Am I eligible? What will lenders be looking for? What if my credit is bad? Employee Retention Credit Advance Partners Operations Is Advance Partners still open? Absolutely! Advance Partners is open for business. For your health and safety, as well as that of our employees, the majority of our team members are now working from home, with only about 10 deemed essential who still go into the office. We have gone to great strides to ensure none of our services have been interrupted and that it’s business as usual. In addition, you’ll never have to turn down an opportunity due to lack of working capital while partnered with us. Because we’re backed by Fortune 1000 company, Paychex, we can provide unlimited funding without restricting our credit requirements, regardless of the economic state. Is payroll funding being delayed because of the coronavirus? Will my back office support be affected? How do I contact my team and/or an Advance Partners representative What is Advance Partner’s plan if some areas of the country are more impacted by COVID-19 than others? Is Advance Partner’s considered an “essential business”? Will you be able to stay open during any government restrictions? Coronavirus Webinar Resources Paychex Business Podcasts Listen to Episodes 1-10 now! https://www.paychex.com/worx/podcasts/business-podcast Upcoming Webinars Past Webinars Coronavirus at work After the pandemic: what's next for your employees The coronavirus pandemic will end, but it won’t be overnight. It will take a concerted and sustained effort from federal, state, and local governments, as well as its citizens to ensure that people are and feel safe and more at ease. Make sure you are made aware of all the potential changes for your workers. https://www.paychex.com/articles/human-resources/after-the-pandemic-whats-next-for-employees How do I prepare my workplace for COVID-19? What is my state doing for its COVID-19 response? Return to work checklist Advance Partners Advance Partners is a champion of next-level staffing firm growth, providing payroll funding, back office solutions and strategic services that fuel opportunity. Questions/Support? 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