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Regulatory Roundup May 2020

June 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:

COVID-19

Benefits

Federal Forms & Filing

Tax Season

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.

Be sure to bookmark our resource library and come back monthly for Regulatory Roundups of tax and compliance alerts you need to know. Don't forget to also follow us on Facebook, LinkedIn, and Twitter for urgent updates.

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.


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