FOR BROKERS
Category

News

Home / News
News

Employer Checklist for Federal Emergency Paid Leave Laws

Our partner, GovDocs, has published a very good checklist for employers.

The FFCRA was signed into law March 18 and went into effect April 2. It expires Dec. 31, 2020.

The legislation, which includes both paid sick leave and expanded paid family and medical leave, applies only to companies with fewer than 500 employees

You can find the check list HERE.

News

Congress Replenishes PPP

Congress has just passed legislation to add additional funding the Paycheck Protection Program (PPP). The President is expected to sign the bill later today. Thank you to all of you who weighed in and urged your lawmakers to support this important bill to keep the PPP afloat. It’s a critical program that is sustaining the backbone of our economy: small business.

Here’s a breakdown of what’s in the law:

1.) $310 billion increase for PPP

  • Sets aside the following amounts:
    • $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion
    • $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion
  • No changes to eligibility for the PPP

2.) $10 billion increase for EIDL Grants and an additional $50 billion to
support EIDL Loans

3.) $75 billion increase for reimbursement to hospitals and healthcare
Providers4.) $25 billion for COVID-19 tests

News

CARES Act: Independent Contractors

The CARES Act states “individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals shall be eligible.”

Unemployment benefits may be available for those that are freelancers, independent contractors and others that do not receive a W-2. Each state is administering these benefits differently. Many states are still developing the process of applying benefits.

The stimulus also include potential payments from the IRS. Independent workers and freelancers are entitled to receive a $1,200 payment ($2,400 for married couples) from the IRS, plus an additional $500 per dependent 16 years or younger. In order to qualify for the full amount, you have to have earned $75,000 or less in the prior year ($150,000 or less if married). Above those income thresholds, the stimulus payment decreases until it stops altogether for single people earning $99,000 or married couples who have no children and earn $198,000. If you haven’t prepared your 2019 tax return, you can use your 2018 return to see if the income threshold is met.

News

Stimulus Checks

INVO PEO knows that many of our client’s employees are anxiously waiting to receive their CARES ACT relief check. Those individuals that qualify and have direct deposit accounts on file with the IRS, should start seeing the deposits after April 17.

The IRS states that it has about 60% of taxpayers direct deposit information. For everyone else, the IRS will soon have a website available to provide this information.

Visit IRS.gov for more information. We will continue to post updates as we have them.

Privacy Settings
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy
Youtube
Consent to display content from Youtube
Vimeo
Consent to display content from Vimeo
Google Maps
Consent to display content from Google
Spotify
Consent to display content from Spotify
Sound Cloud
Consent to display content from Sound