Regulatory Roundup May 2020June 01, 2020 Blog Post
Legislative updates from May include new applications for the Paycheck Protection Program, EEO collection delays, and more.
The coronavirus pandemic is shifting the daily reality for us all. In the month of May, many of the compliance and tax regulations released were in response to the growing global health emergency and how to best protect both employers and employees.
One of the largest initiatives to aid small businesses during this time came from the CARES act. The Paycheck Protection Program (PPP) allows businesses with 500 or fewer employees that have been negatively impacted by COVID-19 the opportunity to apply for a forgivable loan, covering payroll and other essential costs. , including which payroll and non-payroll costs are eligible.
In addition, the Equal Opportunity Employment Commission (EEOC) has recognized that private sector employers, local referral unions, and public elementary and secondary school districts are dealing with unique and urgent issues due to COVID-19 that may be preventing them from filing EEO forms on time. For businesses that file the EEO-1 form, both 2019 and 2020 collections have now been delayed until 2021. Businesses that file the EEO-3 and EEO-5 form have also received an extension for their 2020 collection until 2021.
Here is a full list of this month’s compliance and tax alerts:
- Small Business Association releases application for PPP
- Final eligibility rules announced for PPP
- Prevent COVID-19 unemployment fraud with these steps
- IRS updates retention credit due to COVID-19
- 2019 and 2020 EEO-1 collection delayed until 2021
- California extends retirement program registration through September
- IRS releases new HSA limits for 2021
- New guidance announced for cafeteria plans
Federal Forms & Filing
Visit our Return to Work page to browse our resources to help you engage, rehire, and recruit in this new environment. You can also check out our Legislative Updates Related to Coronavirus (COVID-19) for a comprehensive summary of legislative changes and how Paylocity has responded with updates to our product to help you stay compliant. For the latest information and resources related to the coronavirus, check our COVID-19 Resources page often.
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This information is provided as a courtesy, may change, and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney, or Advisor.