Today April 3, 2020 marks the first day small businesses can apply for a loan via the CARES Act. In the Evolution software there is now a report we have available for you to run call CARES Act Payroll Cost Report.
The CARES Act Payroll Cost Report (S4229)has been created, to provide payroll cost for CARES loan application. It shows the Earnings, Taxes, Retirement, and Health amounts, broken out over months, and averaged. Currently, the Other Earnings column is all earnings that are not Regular and Salary. You can use E/D Groups to define the Retirement and Health columns. The $100K compensation cap has not been implemented yet.
We have linked a PPP fact sheet here for your reading. This fact sheet is directly from the government and answers many FAQs you may have regarding the loans. Please take the time to read over this sheet and understand all the guidelines that are in place. The application for PPP can also be found here for you to fill out if you have not already done so.
