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Congress has just passed legislation to add additional funding the Paycheck Protection Program (PPP). The President is expected to sign the bill later today.
Congress has just passed legislation to add additional funding the Paycheck Protection Program (PPP). The President is expected to sign the bill later today.
Many lenders are still requesting 941s to verify payroll amounts. Interim Final Rules from the SBA DO NOT require tax documents. The National Association of Professional Employer Organizations has created a letter for our PEO clients to use when talking to your lender. You can download it here.
The CARES Act states “individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals shall be eligible.”
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.
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