September 4, 2020

9.04.2020 PPP Loan Forgiveness Update

As our financial lending institutions are notifying us that we can begin applying for PPP loan forgiveness, we would like to provide a memo to help get us started on filing for PPP loan forgiveness.
If you have not already received correspondence from your lending institutions, we recommend that you reach out to them to find out the timing of their forgiveness application process. In addition, ask them if they will have their own loan forgiveness application, or if you will be completing the application provided by the SBA.
Some of you have already started working with us on computing the payroll cost reports and FTE counts as they relate to the PPP loan. We would like to remind you that Prism (OELS’s HRIS system) provides reports that do the computations for purposes of filing the PPP loan forgiveness applications.
To access this report, type “COVID 19 PPP Forgiveness Report”. Once the report appears, you will be able to toggle between the “Payroll Cost Report” and the “Full Time Equivalent Analysis”. These reports allow you to choose between an 8 week, 24 week, or custom date spend period. Please enter the date range that gets you to the payroll in which you achieve 100% of your payroll cost spend. Once you determine that payroll period, use the same date range for your “Full time Equivalent” test period. Please note that the “covered period start date” should be the first PAYROLL PAID DATE, and not the date that you received the loan. For example. If your payroll runs weekly, and you received your loan April 15th, and your first payroll pay date is Friday April 17th, you can either enter 04/17/2020 or 04/24/2020 as your “covered period start date”. If selecting 04/17/2020, this will mean that you are choosing a partial pay week as your initial pay period. If you choose 04/24/2020, this means that you are using whole week(s) as the beginning of your measurement period.  The SBA has allowed both methodologies and allowed the whole week method for ease of computing, rather than partial weeks.
If you have any issues locating this report or understanding the report, please contact us for assistance. Also, while this report provides the key measurements on your loan forgiveness application, we are fairly certain that your lending institution will ask for reports to substantiate your “Payroll costs”.
I am certain that they will provide you guidance on what reports they would like. We find that the “Payroll Check Journal Report” provides all the necessary information to substantiate your costs. When running this report, use the same date range as your PPP loan forgiveness reports.
Finally, attached is the FAQ for your information that should be beneficial with the loan forgiveness process. If you have any other specific questions, please do not hesitate to contact us at Mmerrell@oelspeo.com.

September 2, 2020

9.02.2020 SS Tax Information

On Aug 8th, President Trump signed an Executive Order allowing employers to temporarily defer employees’ social security taxes.
While some initial guidance came out late on Friday, many key questions remain unanswered. Until the IRS provides detailed guidance on how the deferrals will work and how they will be paid back, it is near impossible for OELS or any employer to implement the deferrals.
In addition, many employers are concerned about creating future tax liabilities for employees. Given these uncertainties and concerns, very few employers, including OELS, will be implementing the deferrals at this time.
We will continue to study this Executive Order and will update you on future developments.

May 27, 2020

5.27.2020 Additional PPP IFR Loan Forgiveness Information

In addition to the 10 steps to calculating PPP loan forgiveness, there has been some final guidance provided by the SBA that may help answer some of the general questions that we are all asking, including definitions and measurement periods when calculating loan forgiveness.
Please read the attached PPP loan forgiveness legislation and note that our HRIS software programmers should now be able to work on and finalize the report that will do the loan forgiveness calculation. We will notify all of you once we have any news regarding this report, including providing the report, itself.
More changes may be forthcoming. We will keep you updated as these occur.

May 26, 2020

5.26.2020 Updated 10 Steps to PPP Forgiveness Guide

Our partner Fisher Phillips has updated their 10 Steps to Forgiveness document based on the US Treasury’s release of the latest guidance on PPP loan forgiveness.  Congress will likely make changes in the near future.

FP – 10 Steps to PPP Loan Forgiveness REVISED 5.22.2020

We will keep you updated as material changes occur.

May 19, 2020

5.18.2020 Recorded Webinar:  Returning To Work: An HR Checklist

On Monday, 5/18/2020, OELS proudly hosted a webinar with Janet Giannetta, Partner at Visions Human Resources Services, LLC. For those who attended, thank you for the questions and resoundingly positive feedback. We are happy to announce that the playback link is provided here:   Watch Recording

Handouts below:

Notice of Recall.docx

Returning to Work – An HR Checklist PPT

COVID-19 Back to Work Checklist

April 30, 2020

4.28.2020 Recorded Webinar:  Next Steps in Maximizing Your Paycheck Protection Loan and other CARES Act Benefits

On Tuesday, 4/28/2020, OELS proudly hosted a webinar with Fisher Phillips focusing on Maximizing Your Paycheck Protection Loan and Forgiveness Guidance as well as other CARES Act Benefits.  For those who attended, thank you for the questions and resoundingly positive feedback. We are happy to announce that the playback link is provided here:   Watch Recording

April 22, 2020

COVID-19 Payroll Processing Webinar
Earlier this month, OELS proudly hosted our first-ever series of client webinars focusing on COVID-19 payroll processing and leave of absences.  For those who attended, thank you for the questions and resoundingly positive feedback. We are happy to announce that the playback and FAQ documents are now available for your reference:

April 9, 2020

Dear Client,

Please select the link below to view the latest regulations from the Treasury on the Paycheck Protection Program.

Contact us at 1-800-443-6357 if you have any questions.

Thank you. Stay safe and healthy!

PPP–IFRN FINAL

April 1, 2020

Dear Client,
We at OELS understand that these are challenging times for all of us and we would like to take this opportunity to make you aware of the Paycheck Protection Program (PPP)” that is sponsored by the SBA division United States Federal
Government.

We, at OELS, feel that this program is a very viable solutions during the economic downturn caused by COVID19. We also understand that there are complexities to the PPP and we would like to extend our assistance in preparing your
application as well as offer our services as your acting agent during the loan process.

Please read the following PPP overview as well as the standard SBA application, which may or may not change depending on your financial lending institution. In addition, we are enclosing a more detailed PPP information sheet to assist with any additional information that you require.

Please do not hesitate to reach out to us with any additional questions or concerns that you may have by sending an e-mail to mmerrell@oelspeo.com. Please put “PPP Data Request” in the subject line.

Small Business “Paycheck Protection” Loans
The most significant provision of the CARES Act for employers establishes new “paycheck protection” loans administered by the Small Business Administration (SBA) to help employers continue to cover payroll costs and other expenses during the COVID-19 crisis. The covered period for loans is February 15, 2020 through June 30, 2020.

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will
charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if fulltime headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veteran’s organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

Common Lending Institution Data Requests (Subject to change depending on your lending financial institution)

2019 IRS Quarterly 940, 941 or 944 payroll tax reports (as a client of a PEO, you
do not have tax filings in your name and Fed ID, so we will be providing
equivalent reports on our company letterhead in lieu of a Form 941).

Last 12 months of Payroll Reports beginning with your last payroll date and going
backwards 12 months (e.g. gross wages for each employee, paid time off for
each employee, vacation pay for each employee)

1099s for 2019 for independent contractors that would otherwise be an employee of your business

Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan

Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee’s out of their paycheck deferrals)

Business owners may be asked to provide additional information and documents not listed above. We are awaiting additional details from the SBA related to expectations on lenders prior to funding.

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.

OELS PPP Borrower Information Fact Sheet (00320296)

OELS PPP Application

April 1, 2020

Dear Client,
We at OELS understand that these are challenging times for all of us and we would like to take this opportunity to make you aware of the Paycheck Protection Program (PPP)” that is sponsored by the SBA division United States Federal
Government.

We, at OELS, feel that this program is a very viable solutions during the economic downturn caused by COVID19. We also understand that there are complexities to the PPP and we would like to extend our assistance in preparing your
application as well as offer our services as your acting agent during the loan process.

Please read the following PPP overview as well as the standard SBA application, which may or may not change depending on your financial lending institution. In addition, we are enclosing a more detailed PPP information sheet to assist with any additional information that you require.

Please do not hesitate to reach out to us with any additional questions or concerns that you may have by sending an e-mail to mmerrell@oelspeo.com. Please put “PPP Data Request” in the subject line.

Small Business “Paycheck Protection” Loans
The most significant provision of the CARES Act for employers establishes new “paycheck protection” loans administered by the Small Business Administration (SBA) to help employers continue to cover payroll costs and other expenses during the COVID-19 crisis. The covered period for loans is February 15, 2020 through June 30, 2020.

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will
charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if fulltime headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veteran’s organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

Common Lending Institution Data Requests (Subject to change depending on your lending financial institution)

2019 IRS Quarterly 940, 941 or 944 payroll tax reports (as a client of a PEO, you
do not have tax filings in your name and Fed ID, so we will be providing
equivalent reports on our company letterhead in lieu of a Form 941).

Last 12 months of Payroll Reports beginning with your last payroll date and going
backwards 12 months (e.g. gross wages for each employee, paid time off for
each employee, vacation pay for each employee)

1099s for 2019 for independent contractors that would otherwise be an employee of your business

Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan

Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee’s out of their paycheck deferrals)

Business owners may be asked to provide additional information and documents not listed above. We are awaiting additional details from the SBA related to expectations on lenders prior to funding.

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.

OELS PPP Borrower Information Fact Sheet (00320296)

OELS PPP Application

April 1, 2020

Dear Client,
We at OELS understand that these are challenging times for all of us and we would like to take this opportunity to make you aware of the Paycheck Protection Program (PPP)” that is sponsored by the SBA division United States Federal
Government.

We, at OELS, feel that this program is a very viable solutions during the economic downturn caused by COVID19. We also understand that there are complexities to the PPP and we would like to extend our assistance in preparing your
application as well as offer our services as your acting agent during the loan process.

Please read the following PPP overview as well as the standard SBA application, which may or may not change depending on your financial lending institution. In addition, we are enclosing a more detailed PPP information sheet to assist with any additional information that you require.

Please do not hesitate to reach out to us with any additional questions or concerns that you may have by sending an e-mail to mmerrell@oelspeo.com. Please put “PPP Data Request” in the subject line.

Small Business “Paycheck Protection” Loans
The most significant provision of the CARES Act for employers establishes new “paycheck protection” loans administered by the Small Business Administration (SBA) to help employers continue to cover payroll costs and other expenses during the COVID-19 crisis. The covered period for loans is February 15, 2020 through June 30, 2020.

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will
charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if fulltime headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veteran’s organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

Common Lending Institution Data Requests (Subject to change depending on your lending financial institution)

2019 IRS Quarterly 940, 941 or 944 payroll tax reports (as a client of a PEO, you
do not have tax filings in your name and Fed ID, so we will be providing
equivalent reports on our company letterhead in lieu of a Form 941).

Last 12 months of Payroll Reports beginning with your last payroll date and going
backwards 12 months (e.g. gross wages for each employee, paid time off for
each employee, vacation pay for each employee)

1099s for 2019 for independent contractors that would otherwise be an employee of your business

Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan

Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee’s out of their paycheck deferrals)

Business owners may be asked to provide additional information and documents not listed above. We are awaiting additional details from the SBA related to expectations on lenders prior to funding.

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.

OELS PPP Borrower Information Fact Sheet (00320296)

OELS PPP Application

Good afternoon from OELS

As the COVID-19 pandemic is growing, so is the legislation in response to it. Here at OELS, not only do we wish you, your families and your businesses the best during these times, we hope to provide you with important information needed to keep up with the ever-changing legislative requirements.

New: Required Federal Posting

Employers must post the attached, Families First Coronavirus Response Act Poster, issued by the Federal Department of Labor describing new leave provisions, in a conspicuous place on its premises from April 1, 2020 through December 31, 2020. An employer may satisfy this requirement by emailing or direct mailing this notice to active employees, or posting this notice on an employee information internal or external website. Read More Here FAQ Link

The Families First Coronavirus Response Act (FCCRA)

The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020 and will become effective on April 1, 2020. Three provisions of this new legislation will impact employees and businesses significantly:

·        Division C – Emergency Family and Medical Leave Expansion Act;

·        Division E – Emergency Paid Sick Leave Act; and

·        Division G – Tax Credits for Paid Sick and Paid Family and Medical Leave.

The Emergency Family and Medical Leave Expansion Act (FMLA Expansion Act)

The federal “Emergency Family and Medical Leave Expansion Act” creates a new category of leave protected under the Family and Medical Leave Act of 1993 (FMLA). It applies to employers with fewer than 500 employees and government employers. Under its provisions, employees who have been employed for at least 30 calendar days have the right to take up to 12 weeks of job-protected leave under the FMLA if the employee is unable to work or telework due to a need for leave to care for the employee’s son or daughter under 18 years of age, if the child’s school or place of care has been closed or if the child care provider is unavailable due to a COVID-19 emergency declared by a Federal, State, or local authority.

Read More Here DOL News Release Link

Emergency Paid Sick Leave Act

The FFCRA requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (DOL) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from April 1, 2020 through December 31, 2020.

Read More Here DOL FFCRA Link

Tax Credits for Paid Sick and Paid Family and Medical Leave

Covered employers qualify for dollar-for-dollar reimbursement through tax credits for all qualifying wages paid under the FFCRA. Qualifying wages are those paid to an employee who takes leave under the Act for a qualifying reason, up to the appropriate per diem and aggregate payment caps. Applicable tax credits also extend to amounts paid or incurred to maintain health insurance coverage.

Read More Here IRS Link

What OELS is Doing for You

OELS employees are finalizing status and pay code updates to help with COVID-19 and FCCRA paid time tracking.

We continue our unwavering commitment to supporting you though this difficult time. Contact us at 1-800-443-6357 if you need additional help with these recent changes or if you have any other workplace, payroll or benefits questions.

Thank you. Stay safe and healthy!

-The OELS Team

315-463-7838

HR@oelspeo.com