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Click here for more information on CARES Act Small Business Provisions



Click here for more information on CARES Act Individual Provisions



Click here for information on EBP Implications in the COVID-19 Environment



**Note – Guidance given on all COVID-19 government assistance programs was provided with the most current information made available to Arcara Lenda Eusanio & Stacey, CPAs at the time of response. Clarifications and further guidance are being disseminated from government authorities on an on-going basis. All guidance should be reaffirmed prior to the submission of any application and/or program**


Thursday, April 2, 2020


On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was approved to provide financial, tax, and health stimulus for both businesses and individuals of all shapes and sizes. Included in the CARES Act is the Paycheck Protection Program (“PPP”) which provides significant funding to employers enabling them to continue to pay various payroll costs, rent, utilities, and other expenses. During the past week, after the passage of the CARES Act, there have been several clarifications and updates to the PPP including an interim final rule just published by Treasury. Following is a link to this interim final rule on the Small Business Administration website:

DOWNLOAD: INTERIM FINAL RULE


  Please note the following critical changes to the original CARES Act: 


• The actual amount of the PPP funding that will be forgiven depends, in part, on the amount of payroll costs, rent, utilities, and other expenses; however, not more than 25% of the forgiveness amount may be attributable to non-payroll costs.


• Any portion of the funding received as part of the PPP that is not forgiven will become a loan with an interest rate of 1%. The loan will have a repayment term of 2 years with no prepayment penalty. Payments will be deferred for 6 months, while accruing interest.


Following is a link to the Small Business Administration Application Form to assist you in preparing the information needed by your financial institution:

DOWNLOAD: PPP APPLICATION


Our Coronavirus-relief team is standing by, ready to help you and your business get through this difficult time. We are available to assist you in compiling the information needed and with the application process. We’re proud to be your partner in navigating these continuous changes and are here to answer your questions.


William Stoj can be reached at williams@a2zcpa.com

Michael Coty can be reached at mikec@a2zcpa.com

The Latest News

In an effort to crack down on the employment of undocumented workers, Immigration and Customs Enforcement (ICE) is planning a nationwide increase of Form I-9 audits this summer. Form I-9, the Employment Eligibility Verification, is what all employers are required to use to verify proper and legal documentation of an employee’s eligibility to be employed in the United States, and must be filled out within three days of employment.   


To date, for fiscal year 2018 (October 1-September 30), ICE has already initiated more than 2,280 audits, more than double the 1,360 they conducted in all of fiscal year 2017. Going forward, they intend to conduct up to 15,000 I-9 audits per year.


What does this mean for you?


Familiarize yourself with the Instructions for Form I-9, Employment Eligibility Verification ( https://www.uscis.gov/i-9  ). You may also want to conduct an internal audit of your Form I-9s to make sure you’re in compliance with federal laws and regulations. Some industries are more high risk than others (for example, restaurants, constructions companies), but it’s good practice to be compliant, no matter your industry. 


Please visit https://www.ice.gov/sites/default/files/documents/Document/2015/i9-guidance.pdf to obtain the ICE Guidance for Employers Conducting Internal Employment Eligibility Verification Form I-9 Audits, which can help you through the process of conducting an internal audit. If you have further questions or need assistance in conducting an internal review of your Form I9s, please visit https://www.uscis.gov/ or contact Samantha Niedbalski at 716-634-2722 or info@a2zcpa.com .

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