Cause
The Paycheck Protection Plan from the CARES Act authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. For additional information, including what qualifies the loan to be forgiven, please see the Paycheck Protection Program Information Sheet.
The Small Business Administration Loan Application Requires certain Payroll Reports.
NOTE: Sage is closely monitoring government reporting (e.g. 941). This document may change as more information becomes available. Reporting for PPP loans will not be required until Q2. It is recommended to work with your accountant or CPA to determine which programs under the CARES act will be best for your business.
Resolution
Payroll – the following reports can provide information for determining your payroll costs
In the Payroll Transaction Reports Men
For employee wages (only include employees living in the U.S.)
- Print the Payroll Earnings and Hours Report
For employee benefits (only include employees living in the U.S.)
- Print the Earnings/Deductions Summary Report
For State, local Taxes assessed on compensation (only include employees living in the U.S.)
- Print the Payroll Tax Calculation Analysis Report
In the Payroll Government Reports Menu
For 940, 941, or 944 Payroll Tax reports
- Use Aatrix saved reports
Corporate – you may also need the following documents for your loan request
- Your articles of incorporation
- Ownership structure including a list of those owning more than 20%
- 12 Month Profit and Loss from date of application
- Proof that employees in your submission reside in the U.S.
- Mortgage, Rent or Lease statements
Note: For additional assistance customizing reports or creating documents please contact your Consultant or Business Partner.