Integrity HR Management

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...

Client Memo To:  All Clients From:  Jason Halsey - CFO / General Counsel Date:  April 22, 2020 Re:  PPP Loan Forgiveness – Will my loan be forgiven?  Integrity HR Management is proud to have worked closely with our clients over the last several weeks to provide the level of detailed payroll reporting to secure funding under the PPP Loan program. Our Client Services team has worked tirelessly to ensure payroll reporting was provided to our clients and their banking institutions.  Many of our clients have been approved for these loans and are now faced with the uncertainty of the loan forgiveness opportunity. You are not alone, businesses around the country are scrambling to understand the requirements of the loan forgiveness element of the program.   In an effort to provide payroll details and reporting to our clients, we have created a process to help facilitate loan forgiveness compliance.  In summary, we are a...

Integrity HR Management Client Memo To: Clients From: Integrity HR Management Date: April 3, 2020 Re: SBA Loan Applications – Paycheck Protection Act Integrity HR Management is committed to helping clients apply for government assistance available under the CARES Act and all other COVID-19 related assistance available. In preparation for the Paycheck Protection Act loan application process many of our clients have requested various payroll reports and tax documentation. Specifically, many banks have requested 941, W3 and Texas Workforce Filings. As a client of a PEO, your employee tax filings are combined with all of our client’s employees. In accordance with the law, Integrity HR Management is required to file all employee tax documentation under its own Employer Identification Number. Employee tax documentation is not filed under client Employer Identification Numbers and therefore tax documentation is not available on a per client basis.  The Small Bus...

SBA LOAN - PAYCHECK PROTECTION ACT WHAT WE KNOW Please find the link to webinar from March 30, 2020 WEBINAR - MARCH 30

CARES ACT The latest version of the Cares Act provides up to $10 million in SBA loans to help small businesses with less than 500 employees cover payrolls from March 1 to June 30. Under the current proposal a business will be eligible for loan forgiveness based on the ratio of employees that remain on the payroll until June 30. See the full proposed Bill Here CARES ACT  Helpful Links: SBA Disaster Loan Program Eligibillity Criteria SBA Disaster Loan Overview SBA Disaster Loan Application Portal Overview City of Boerne Second Declaration of Disaster SBA rolls out $2M loans for Texas Small Businesses  (San Antonio Business Journal)

The federal government has started the process of offering disaster loan relief through the Small Business Association. You will need to prepare essential documents that will help SBA quickly analyze a complete registration.The following documentation is required:  Tax Information Authorization (IRS Form 4506-T available in the SBA loan portal), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available Personal Financial Statement completed, signed, and dated by the applicant, each principal owning 2...