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The Paycheck Protection Program (PPP) portion of the recent Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was aimed at helping small and mid-sized businesses weather the storm of the COVID-19 pandemic by supporting the ability of employers to keep workers on their payrolls with forgivable loans. With the deadline to apply for PPP loans fast approaching, businesses need to stay apprised of the latest developments, especially regarding PPP loan forgiveness.
In this edition of our Workplace Spotlight, ADP offers practical advice for small and mid-sized businesses and non-profits on the most recent legislative changes, including:
Key elements of the Paycheck Protection Program
Developments and changes to the program resulting from the Paycheck Protection Program Flexibility Act (PPPFA)
PPP loans and the deferral of employer Social Security taxes
Timelines for the restoration of employee and wage payment levels
Terms of PPP loans
What you should do now
ADP remains at the forefront of helping employers understand the complex compliance, financial, and strategic issues surrounding workforce management. Tap into our expertise to ensure you’re in the best shape possible for future workplace compliance changes that may come about along the way.