CARES Act Pay Types and Report Additions (4/15/2020)
Please note: The information included in this release note is accurate as of April 2020. For the most up to date information on this product feature, please refer to the corresponding help guides.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress to help businesses impacted by the COVID-19 outbreak get the financial assistance they need to continue paying their employees along with other critical resources. To learn more about the CARES Act, click here.
As a result of this new Act, we have made two important product updates in TRAXPayroll to help you pay employees using the right pay types and get the reporting you need.
Update #1: We have added two new pay types specifically designed to pay employees under the CARES Act.
- CARES Employee Retention Credit (Payable)
- CARES Employee Retention Credit (Non-Payable)
Employee paystubs in TRAXPayroll will reflect these new pay types and amounts paid out to an employee.
Update #2: A component of the CARES Act is the Paycheck Protection Program. If a company qualifies, they can get a loan to help sustain their business. In order to obtain this loan, a company must provide certain information to submit their application. We have created a new report in TRAXPayroll called the “PPP Estimation Report” to the Date Range Reports section of the Reports tab. The goal of this report is to give your company-if you qualify-more information you might need to complete the loan application for this relief program.
IMPORTANT: It is your responsibility to determine if you qualify for any components of the CARES Act, including the Paycheck Protection Program loans. TRAXPayroll makes no representation or warranty regarding the information found in the report or your eligibility for any relief or loan under the CARES Act. You are responsible for ensuring that any information submitted as a part of an application to the SBA or lending institution to obtain a loan is accurate and/or necessary to complete such application. Please review and confirm the accuracy of information contained in the report before using such data to submit your loan application.
Once you select a desired date range for the report, here's what information you can see.
- The total cost by month and year
- The average payroll cost
- Gross pay amount
- Employer taxes amount (i.e. state, local, social security, medicare)
- Employer benefit cost (i.e. group health care, insurance premiums, paid disability, 401k, and HSA)
- Payroll cost
- Number of employees paid