April 22, 2020Coronavirus, HCM Consulting Support, Payroll & Tax Support
FFCRA and CARES are In Effect…What’s Next?
These unprecedented times are calling for difficult business decisions. Companies of all sizes are performing critical analysis in order to maximize budgets to retain staff, attempt to take advantage of government relief, and maintain employee pay and benefits. Wise payroll managers have compiled a list of considerations to help you ask essential questions and examine options.
Assess Government Relief and Tax Credits
- What relief applies to my business?
- How do I access funds?
- Will the relief be enough to retain my staff and keep my business open?
To Furlough or Retain; Weigh the Pros and Cons
- Cost to retain staff vs. relief that may be received
- What is most beneficial to the employee: Workshare programs, reduced hours, teleworking etc.
- Factoring healthcare costs: can your business cover the employee portion of certain benefits?
- Cash conservation analysis: temporarily suspend 401K match, merit increases, bonus & executive compensation payouts
Keep Up With Administration of Business Decisions
- Configuration of government program relief (FFCRA & CARES)
- HR Updates: Employee status & compensation changes
- Benefit Updates: Arrears updates, considerations to end dates
- Custom Reporting & Process Development: Tools for tracking and analysis
Things to Keep on the Radar
- 401K retirement provision changes including loan deferments
- Temporary teleworker taxation updates: is your workforce affected?
- Federal student loan garnishment suspensions
- Payroll software’s response to legislation changes: are they keeping up?
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