Greater Memphis Chamber COVID-19 Employer Impact Q&A - - PowerPoint PPT Presentation
Greater Memphis Chamber COVID-19 Employer Impact Q&A Comprehensive HR/Payroll, Benefits & Recruitment Serving small to large businesses & nonprofits for 33+ years Private Memphis based company Clients across all 50 states
ü Serving small to large businesses & nonprofits for 33+ years ü Private Memphis based company ü Clients across all 50 states & 1000s of work locaRons ü ESAC cerRfied | NAPEO Member & Chair ü Processed $1.5B in payroll & 80,000 W2s in 2019
Emergency Paid Sick Leave
Expanded FMLA
Medical Plans
WORK TN UI Benefit
1. Paid Sick Leave: 10 days at full pay (max. $5,110 maximum) 2. FMLA Expansion: up to 12 weeks of pay (2/3 pay up to $200/day)
hbps://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf
§ Up to 2.5x the average total monthly payments for payroll costs incurred during the one-year period prior to the date on which the loan is made; § The amount of loan forgiveness is further reduced by:
‒ The average number of full-`me equivalent employees per month employed by the eligible recipient during the covered period; ‒ The amount of any reduc`on in total salary or wages of certain employees during the covered period that is in excess of 25%…
ü Payroll costs ü Costs related to the con`nua`on of group health care benefits during period of paid sick, medical or family leave, and insurance premiums ü Employee salaries, commissions, or similar compensa`on ü Payments of interest on any mortgage
ü Rent ü U`li`es ü Interest on any other debt obliga`ons incurred before the covered period
§ 50% Employee RetenRon Tax Credit ‒ Another op`on allows employers (regardless of size) that are uniquely affected by COVID-19 to claim a refundable tax credit against the employer por`on of payroll tax equal to 50% of certain wages paid to an employee between March 13, 2020 through the end of the year. Only $10,000 of wages could be taken into account for any employee. ‒ This 50% credit would be available to businesses (1) that have had their
(2) that experienced a 50% decline in gross receipts during a 2020 calendar quarter when compared with the same quarter in 2019.
‒ Another provision that is available to employers of all sizes is the ability to defer the payment of the employer por`on of Social Security taxes (6.2% of wages) for the remainder of 2020. Fily percent of those deferred taxes would have to be repaid by the end of 2021, with the remainder due by the end of 2022.