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Reporting in Sage HRMS for the CARES Act (H.R. 748) Paycheck Protection Plan

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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

In general, the Loan Amount that can be borrowed is 2.5 x Average Monthly Payroll Costs from the last 12 months or 2019 up to a maximum of $10 Million. Full details can be found at the Small Business Administration Web Site. The Loan application process requires payroll, financial and corporate information.


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.


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