As you may know, Congress recently approved the Coronavirus Aid Relief and Economic Security (CARES) Act, the largest emergency aid package in U.S. history. The CARES Act includes more than $2 trillion to help individuals and businesses struggling amid the COVID-19 pandemic. It allocates $350 billion in loans for small businesses, including nonprofit 501(c)(3) organizations with less than 500 employees.
CARES Act paperwork needed for application:
* 2019 IRS Quarterly 940, 941 or 944 payroll tax reports.
* Last 12 months of Payroll Reports beginning with your last payroll date and going backward 12 months.
- Payroll report must show the following for the time period above:
- Gross wages for each employee, including the officer(s) if paid W-2 wages.
- Paid time off for each employee.
i. Gross wages for each employee, including the officer(s) if paid W2 wages.
ii. Paid time off for each employee.
iii. Vacation pay for each employee.
iv. Family medical leave pay for each employee.
v. State and local taxes assessed on the employee’s compensation for each employee.
* 1099s for 2019 for independent contractors that would otherwise be an employee of your business.
- Do NOT include 1099s for services.
* Documentation showing a total of all health insurance premiums paid by the Company Owner under a group health plan.
- Include all employees and the company owners.
* Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee’s out of their paycheck deferrals).
- Include all employees, including company owners.
- 401K plans, Simple IRA, SEP IRAs.