We have been receiving a lot of email requests from clients applying for the PPP (Paycheck Protection Program) through the SBA. Some lenders who are not familiar with the PEO concept continue to insist on getting IRS forms 941,940, etc. as documentation to corroborate estimated “payroll costs”. As you all know, being part of a PEO provides great benefits and efficiencies in employment administration. One of those is consolidating all payroll related tax filings under Synergy’s EIN. That said, we have been assured by our national association (NAPEO) and the SBA via their most recent Interim Final Rules (IFR) that the reports we will or have already prepared for you will serve as proper documentation and proof of payroll costs. I encourage all of you making application forward a copy of this letter to your lender along with the payroll reports we sent you.
If you have any additional questions, please don’t hesitate to reach out to your HR Specialist.