Hello, and take a deep breath.
Seriously. Breathe. In….and… Out.
I keep forgetting to do that and it really is needed in these stressful times.
Many of you have likely been doing your own online searches, however, due to several requests, here are some resources I’ve pulled together.
You know, in case you’ve been sanitizing all the things and at the sink washing your hands so much that you haven’t been at your computer.
(1) IRS Updates and Resources & New Legislation
(2) Small Business Plus Employer / Employee Resources
(3) Our Remote Services to You
(1) IRS Updates and Resources & The Families First Coronavirus Response Act
- As of yesterday, the IRS has this new page: https://www.irs.gov/coronavirus.
- High deductible health insurance COVID-19 coverage: https://www.irs.gov/newsroom/irs-high-deductible-health-plans-can-cover-coronavirus-costs.
- Currently, COVID-19 disaster relief is not listed on the IRS disaster relief page yet, though this is a good place to watch for updates: https://www.irs.gov/businesses/small-businesses-self-employed/disaster-assistance-and-emergency-relief-for-individuals-and-businesses
New Legislation and Federal Relief – The Families First Coronavirus Response Act
- The Families First Coronavirus Response Act has passed the House and (I think) has yet to be approved by the Senate. I thought this was a good summary: https://www.forbes.com/sites/kellyphillipserb/2020/03/14/house-bill-would-allow-for-paid-leave-testing–tax-credits-to-lessen-impact-of-coronavirus/#15fe93e35207.
- The payroll tax cuts the Trump administration wants for this crisis were NOT included in the The Families First Coronavirus Response Act. This Forbes article from March 10, 2020 offers more info on the payroll tax relief proposal and challenges.
- 3/16/2020 – $800 billion in relief proposed (I think half for The Families First Coronavirus Response Act and half for payroll tax cuts): https://www.politico.com/news/2020/03/16/trump-coronavirus-relief-package-132369.
In other words, much of this kind of relief is still being debated and sorted out.
(2) Small Business & Employer/Employee Resources
Small Business Administration
- SBA loans: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
- SBA guidance and loan resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
At the WA State level, we have some relief detailed quite well at – see the third bullet for how unemployment insurance covers quite a bit for this situation:
(3) Our Remote Services to You
Emily and I are well and very happy to be working remotely during this time. We are here to support you and assist in any way that we can.
Other recent updates and tips for payroll clients:
- the 2020 form W-4 is new and different – we have updated all of your payroll forms and form links in your payroll forms folder to reflect this
- PFML was overwhelmed before COVID-19, and now it will be even more so. One person shared that they got through on the phones more easily when the PFML office first opened in the morning.
- our managepayroll.com/Intuit Online Payroll/IOP system will be migrated to QuickBooks Online Payroll some time this year
- tip: your e-mail app might try to auto-fill sending an e-mail to my name using the IOP system “do not reply” e-mail address. I won’t receive those e-mails! Be sure you are sending to this e-mail instead.
Let us know if there is anything else we can do.
Plus, if anyone has better links or more current information on the new legislation, please let me know.
Wishing you all well,
Jocelyn and Emily