Integrity HR Management

Summary of Paycheck Protection Program Loan Forgiveness Guidance Prepared by The Groom Law Group On the evening of May 22, the Small Business Administration (“SBA”) and Department of Treasury released two interim final rules (“IFRs”) – one IFR relating to the rules that will apply in determining the amounts eligible for loan forgiveness under the Paycheck Protection Program (“PPP”) (“Forgiveness Rules IFR”), and a second IFR relating to the process under which requests for loan forgiveness will be reviewed by lenders and the SBA (“Forgiveness Process IFR”). Forgiveness Rules IFR Much of the content of the Forgiveness Rules IFR affirms concepts that were already reflected in the Loan Forgiveness Application (“LFA”) that SBA released last Friday, May 15. However, some of the highlights are as follows: Eligible Payroll Costs • Affirms that borrowers can measure payroll costs based on either the 8-week default covered period (beginning on the loan disbursement date) or an “alterna

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PPP LOAN  - A LIFE LINE OR JUST A STRING ATTACHED ? The PPP Loan program has been a life line for many of our clients over the last several months. However, shortly after the program kicked off, it became mired in controversy and bad press from all the stories of large corporations receiving funding.  The immediate reaction was to add regulations that became a point of uncertainty and anxiety for many of our clients. On May 13, the SBA and the Department of the Treasury provided additional guidance in the form of a Frequently Asked Questions release (find full release here ). In short, the SBA has created a "Certification Safe Harbor" for business that borrowed less than $2 million. Business that borrowed less than $2 million are automatically deemed to have made the financial-necessity certification on the loan application in good faith. While this does not guarantee forgiveness of the loan, it does shelter those business from facing the potential penalties from fai

The Small Business Administration has issued an application and instructions for requesting loan forgiveness under the PPP Loan program.  The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including: Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30 Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined Find the for

If you missed Monday's webinar here is the full recording! CLICK HERE FOR WEBINAR RECORDING! Password: 0W@?*72Q

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The Integrity Benefits Team is here to assist you while you rehire employees who were laid off due to COVID-19. Since rehired employees may have obtained benefits elsewhere while they were laid off, they may choose to continue those new benefits instead of what they were enrolled in previously.   Also, they may decide to drop coverages due to cost. Each employee that is rehired, that had benefits before they were laid off, will need to complete their enrollment once again.   This will ensure that we accurately enroll them in the benefits they choose to keep.   Integrity will not re-enroll employees on their old benefits without a new enrollment.   For an updated enrollment form, please contact our department at benefits@integrityhrm.com . If the rehire decides they do not want to continue benefits that they had before they were laid off, they will still need to complete an enrollment, indicating that they are waiving all benefits coverage.   However, they will not be able