So, as an employer we are making use of the CARES loan (we hope so, anyway). Between rules being changed on what should be calculated and for what time period it has taken me a little while to gather information for this. Paperwork says it estimates (honestly I've forgotten now, I think it was 8 minutes, might have been 12) to fill out. I need that person to come help me. It took more than 8 minutes to read through the dang thing.
Hours. Literally hours. Over 3 days:
Add payroll +Employer health insurance costs + IRA + SUTA last 12 months
Calculate the amount of FICA (employee and employer) + FIT was paid between 2/15/2020 and 6/30/2020 and subtract that
Anyone whose pay PLUS benefits was above 100,000 you have to calculate what, exactly, was paid in overage and subtract it out
then determine how much of the subtracted amount was the excess in FIT and FICA and add that back.
Divide by 12, multiply that number by 2.5
Now, provide documentation (pdf's) for every expense for health insurance / IRA payments for the past 12 months
Um, and you need to get a pdf of every 941 and separate pdf's for every payroll period.
And your tax returns for 2018 and 2019.
Now get all this together away from your office, your printer, and your scanner because STAY AT HOME.
8 minutes. Ha ha haha hahahahahahah