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COVID-19 Accounting & Payroll Resources

It's our goal to keep you informed during the Coronavirus (COVID-19) pandemic. That is why we've created the COVID-19 Resource center for Accounting, Payroll and other business needs. We will be updating this as laws change, updates are made, and new resources are available. We are in this together!

If you have questions or would like to speak with and advisor, we are here to help. 

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Accounting Resources

Executive Orders including loans for Small Businesses 

4 new executive orders for Minnesota. One includes loans for small businesses of $2500 - $35,000. Up to 50% of the loan amount is forgivable.

Read more>

IRS unveils new People First Initiative — Suspends Various Payments Due, Delays Collection Activities, and More

Click to read our blog post about the People First Initiative.

Chart Explaining the Changes with the Families First Coronavirus Response Act

Chart Explaining the Changes with the Families First Coronavirus Response Act

Three Step Process for SBA Disaster Loans 

Current process for how SBA Disaster Loans work>

Information on SBA Loans (COVID-19 Updated)

Establish peacetime emergency loans for small businesses: This will see a forgivable loan program developed to award grants to nonprofit corporations that in turn will fund forgivable loans to small businesses. 

The minimum loan is $2,500 and the maximum is $35,000, and under the terms of the program up to 50 percent of the loan can be forgiven if the DEED commissioner approves and the business remains operating in the community ”at substantially the same levels for two years following loan disbursement.”

More info>

Tips for Restaurant Owners

General Guidance and Tips for Our Restaurant Clients during the COVID-19 Outbreak.

CSI Blog Update During the Coronavirus (COVID-19)

Click to read our Update During the Coronavirus (COVID-19) blog post.

 

Payroll Resources

PPP Deadline Extended Giving 2nd Chance to Businesses, July 7

More Relief for Minnesota Small Businesses Available, June 26

How do Changes to Paycheck Protection Program Impact Your Business?, June 11

PPP Funding Still Available, May 22

CORONAVIRUS EMERGENCY LOANS Small Business Guide and Checklist

Download Coronavirus Emergency Loans Small Business Guide and Checklist.

CARES Act to Permit Business Loans To Cover Payroll, Rent, Utilities, and more while Expanding and Increasing Unemployment Benefits 

Click to read our blog post about how the CARES Act will permit Business Loans to cover payroll, rent, utilities, and more while expanding and increasing unemployment benefits 

How the CARES Act Affects Small Businesses Whose Staff Has Already Been Laid Off

Click to read our blog post about how the CARES Act Affects Small Businesses whose staff has already been laid off. 

Small Business “Paycheck Protection” Loans

Click to read our blog post with information about the Small Business “Paycheck Protection” Loans from the CARES Act.

COVID-19: April 1 Effective Date for FFCRA Leaves *not April 2. 

On Tuesday, March 24, the Department of Labor (DOL) announced that the effective date of the leaves available through the Families First Coronavirus Response Act (FFCRA) will be April 1, 2020.

Based on the language in the bill, the effective date was widely believed to be April 2.

The DOL announced the effective date in a “Questions and Answers” document where it also provided answers to some common questions. Other than the April 1 effective date, the information is in line with what we have been advising. The DOL also released two Fact Sheets, both of which appear to contain the same information, but it’s possible they will each be updated in the future with information that is geared more toward employees or employers.

Questions and Answers
Fact Sheet for Employees
Fact Sheet for Employers

While the links above do not provide much new information, they are worth reviewing. We are still waiting on regulations from the DOL to answer many questions about how these leaves will be administered and how they will interact with other leaves. We will post updated information in the HR Support Center as soon as it is released.

CSI Blog - Families First Coronavirus Response Act - What We Know So Far

Read our blog post on the Families First Coronavirus Response Act and what we know>