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COVID-19 Accounting & Payroll Resources

Please note: A second round of PPP loans was approved in December 2020. There are some differences from the first round of PPP loans. We are gathering information and developing materials for loan forgiveness. Stay tuned! 

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 an advisor, we are here to help. 

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Accounting Resources

Executive Orders including loans for Small Businesses (March 23, 2020)

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.

IRS unveils new People First Initiative — Suspends Various Payments Due, Delays Collection Activities, and More (March 26, 2020)

Chart Explaining the Changes with the Families First Coronavirus Response Act

Three Step Process for General SBA Disaster Loans

Information on SBA Loans (COVID-19 Updated) (March 23, 2020)

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.”

Tips for Restaurant Owners During the COVID-19 Outbreak.

CSI Blog Update During the Coronavirus (COVID-19) (March 20, 2020)

Payroll Resources

PPP Deadline Extended Giving 2nd Chance to Businesses (July 7,2020)

More Relief for Minnesota Small Businesses Available (June 26,2020)

How do Changes to Paycheck Protection Program Impact Your Business? (June 11,2020)

PPP Funding Still Available (May 22,2020)

The 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 (March 28, 2020)

How the CARES Act Affects Small Businesses Whose Staff Has Already Been Laid Off (March 28, 2020)

Small Business “Paycheck Protection” Loans (March 28, 2020)

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

On March 24, 2020, 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 bill's language, 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.

Questions and Answers

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.

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.

Families First Coronavirus Response Act - What We Know So Far (March 20, 2020)