Government Grants and Loans

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FFCRA Credit Paycheck Protection Program (PPP) Loan Economic Injury Disaster Loan (EIDL) Employee Retention Credit (ERC) Payroll Tax Deferral (PTD)
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What Can It Be Used For? · To help pay for COVID-19 related sick and family leave pay obligations. · Payroll
· Benefits
· Mortgage interest
· Rent
· Utilities
· Interest on other debt obligations
· Paid sick leave
· Payroll
· Materials
· Rent/mortgage
· Repay obligations that cannot be met due to revenue loss
· Offset payroll taxes · Defer tax payments to help manage cash flow
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How Much? · 80 hours per employee for sick leave; up to $10k per employee for family leave · 250% of average monthly defined payroll costs, no more than $10M. Up to 8 weeks can be forgiven. Remainder becomes loan with low very interest rates. · Up to $2M · 50% of up to $10,000 in qualified wages, for a max credit of $5,000 per employee · Only applied to Employer Social Security
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Covered Period 4/1/2020 to 12/31/2020 2/15/ 2020 to 6/30/2020 1/31/2020 to 12/31/2020 Wages paid after 3/12/2020 and before 1/1/2021 Deposits due for the period: 3/27/20 – 12/31/20
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Who is eligible? · Business with no more than 500 Employees (Independent Contractors are not eligible)
· Ability to track and report COVID- 19-eligible sick time and family leave wages paid
· Business with no more than 500 Employees
· Sole proprietors
· Independent Contractors
· Other self- employed
· 501(c)(3) and 501(c)(19)
· Loan can be forgiven Details Here
· Business with no more than 500 Employees
· Sole proprietor
· Independent Contractors
· Private non-profits
· Must meet disaster criteria)
· Business shutdown by gov.
· Significant reduction in gross receipts: (Seen 50% drop or more in rev. in the quarter Effective until gross receipts greater than 80% of gross receipts compared to the same quarter of the previous year)
· Any Business
· Repaid in 2021 & 2022
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Combine With Others' COVID-19 Programs? · N/A, except PPP loan proceeds cannot be used/forgiven for FF wages covered by credit · Tax deferrals and loans cannot be combined with PPP in most situations · Bus. can apply for EIDL and PPP, as long as the money is used for different purposes. Review with your bank. · ERC and PPP cannot be combined · PTD and PPP cannot be combined in most circumstances.
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How to apply? Pay COVID-19-eligible sick time and family leave wages paid via new earning codes
· EPSL-Self
· EPSL-Other
· EFMLA
Credit applies to payroll immediately
· Apply through SBA lender
· Ask Journey Payroll Specialist for “PPP Loan Reports”
· Apply through SBA · Tell your Journey Payroll Specialist
· Credit applies to payroll immediately
· Discount once receipts go above 80% of comparable quarter 2019
· Tell your Journey Payroll Specialist
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When Funded? Employers can apply the credit to payroll tax liability, seek immediate refund for excess or request a refund on their quarterly tax return Program started on April 3, 2020. Advanced funds, up to $10,000, will be received within three days of SBA receiving application Immediate, if elected Immediate, if elected
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