As businesses have navigated the COVID-19 pandemic over the course of 2020, many were forced to shift to a remote workforce temporarily. As the pandemic continues, employers and employees have adjusted to this new way of working, and many companies are now considering shifting to this model permanently. This change can provide many benefits, including reduced overhead, increased communication, improved employee satisfaction, and reduced carbon footprint. However, there are impacts to risk exposure as well.
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses, including the Paycheck Protection Program and the payroll tax credit.
New Hampshire Governor Chris Sununu has authorized the allocation of $100 million from the CARES Act Coronavirus Relief Fund for MSRF 2.0—a second round of funding for the Main Street Relief Fund (MSRF), a program providing economic support to New Hampshire small businesses suffering from business interruptions as a result of COVID-19.
Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are still hiring, or may start bringing on new employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges.
With the extended PPP loan application deadline behind us, many borrowers are anxious to start their loan forgiveness application to ensure that their loan funds are forgiven. Currently, borrowers have until 10 months after the end of the loan’s covered period to apply for forgiveness. At that point, if forgiveness forms have not been submitted, any borrowed funds officially become a loan that needs to be repaid.