In light of the COVID-19 pandemic, accounting and payroll software provider Patriot Software (“PATRIOT”) announces payroll software updates relating to the Families First Coronavirus Response Act (FFCRA) and the CARES Act, a COVID-19 resource center for businesses, and participation in a small business funding coalition.
To follow newly passed legislation and ensure Full Service and Basic payroll customers can take advantage of the small business relief measures in their accounts, Patriot has implemented software changes to allow employers to use sick paid and family leave hours that properly apply employer tax credits for payrolls.
Patriot’s COVID-19 Resources page not only provides help articles for payroll customers, but also provides coronavirus-related blog articles for employers and external links to further information about small business loans available through the Paycheck Protection Program (PPP), tax relief, and more.
According to Patriot’s President and Chief Legal Officer, Michael Wheeler, “Patriot is committed to helping and supporting our customers during this difficult time. We’re focused on keeping our customers up-to-date and informed about new legislation and software updates. Our goal is to educate the small- and medium-sized businesses that use our software as much as possible by providing a centralized place for detailed resources and articles. We want to show our customers that we are here for them in their time of need and have valuable information and resources available about how the coronavirus legislation will impact their payroll and businesses.”
Along with utilizing the above resources, the most important thing to small business owners right now is the CARES Act’s Paycheck Protection Program (PPP). On April 3, the PPP began offering low-interest loans (1% interest rate) to incentivize small businesses to keep workers on payroll through the COVID-19 pandemic. Eligible small businesses include companies with fewer than 500 employees that are struggling due to the impact of the coronavirus. PPP low-interest loans are 100% forgiven if employers use them to cover eligible expenses.
To apply for a paycheck protection loan, business owners must fill out an application and compile certain payroll and business information, including things like copies of the business’s Forms 941 for all four quarters of 2019, dollar amounts from 2019 Forms 941, and a payroll ledger from 2020. For additional details about the Paycheck Protection Program and small business loans, business owners can view more information about the PPP on our COVID-19 resources page.
In addition to implementing updates in the software and creating a help center for customers, Patriot has banded together with the American Institute of Certified Public Accountants (AICPA) and other industry leaders in a small business funding coalition. The AICPA-led coalition was formed to support and protect small businesses impacted by the coronavirus crisis.
“Patriot is extremely proud to be a part of this alliance and wants to support businesses during this trying time in any way we can. Small businesses play a major role in our economy, and we are going to stand by their side to help them weather this storm and rebound from it,” says Wheeler.
Patriot Software, located in Canton Ohio, provides award-winning online accounting software and online payroll for American businesses. For information on all of Patriot’s products servicing the United States, contact Patriot Software, LLC at 877-968-7147, or visit www.patriotsoftware.com.
Patriot Software, LLC