STIMULUS PACKAGE TO INCLUDE PAYCHECK SUPPORT
Paycheck support will protect businesses and their workers.
In response to the Coronavirus (COVID-19) pandemic in the U.S, a proposed stimulus package would also include provisions for immediate paycheck support for millions of Americans.
In the final stages of negotiations, the estimated $500 billion rescue fund would be provided for small businesses across many industries in order to help them continue to make payroll.
Additionally, companies with 500 or fewer employees could each take out up to $10 million in forgivable small business loans to assist in keeping workers employed and paychecks flowing. The new program would provide eight weeks of assistance through federally-guaranteed loans, qualifying certain employers who maintain payroll. If these employers adhere to the guidelines, other costs like mortgage interest, rent, and utilities would also be forgiven.
Furthermore, businesses would see a tax credit for keeping idled workers on their payrolls during the coronavirus pandemic, as long as these businesses meet certain criteria. They would likely receive a refund for half of what they spend on wages – up to $5,000 per worker.
Additional News
Other Recent News
Thriving in the Gig Economy: Leveraging Afinida Payroll Services
The gig economy has been rapidly growing over the past few years, and it shows no signs of slowing down. With more individuals opting for freelance or contract work, businesses are finding themselves facing new challenges when it comes to managing their workforce. To stay competitive in this rapidly changing landscape, it’s essential for companies to adjust and adapt to the gig economy.
Embracing Paperless Payroll
In the digital age, businesses are continually seeking ways to adapt, streamline, and modernize their operations. One area that has experienced significant change is payroll management. Traditional, paper-based methods have given way to digital alternatives, resulting in more efficient and environmentally friendly practices.
Reducing Costly Payroll Tax Reporting Errors and End of Year Reporting
Managing payroll tax reporting and end of year reporting can be a challenge for businesses, especially for small and medium-sized enterprises. Staying on top of constantly changing tax regulations and ensuring accurate reporting can consume valuable time and resources. Partnering with a payroll provider like Afinida can alleviate this burden and ensure your business remains compliant with all payroll tax requirements.
Embrace the Future of Payroll – Technology and Security
In the rapidly evolving world of business, staying up to date with technology and security is crucial for companies of all sizes. Payroll, in particular, is an essential yet often complex aspect of any organization. By partnering with a leading payroll provider like Afinida, businesses can ensure they stay current with the latest payroll technology and security measures.
Streamlining Small Business Employee Benefits
Managing employee benefits and deductions can be a daunting task for businesses of any size. Ensuring accuracy and compliance is not only crucial for employee satisfaction but also for avoiding costly legal complications.
Accurate Employee Time Tracking Attendance for Small Business
In the rapidly evolving world of modern business, accurate attendance and employee time tracking is more important than ever. Not only does it ensure that your employees are paid fairly and on time, but it also helps you comply with labor laws, manage overtime costs, and measure overall productivity.