COVID-19 Assessment
COVID-19 Financial Assistance Awareness Quiz
Test your knowledge about the various financial assistance programs available during the COVID-19 pandemic. This quiz covers essential information you need to know to support yourself and your business through these challenging times.
Discover topics like:
- Pandemic Unemployment Assistance
- Paycheck Protection Program
- Families First Coronavirus Response Act
What does the Pandemic Unemployment Assistance provide?
Helps Alex's employees with unemployment benefits.
Helps all business owners with financial assistance regardless of the type of business they're in.
Certain individuals who are NOT eligible for benefits under under other state or federal laws (ex. Self-Employed workers) who are unable to work as a result of COVID-19.
All of the above.
True or False: All states, jurisdictions, and Federal are allowing employers to delay tax payments?
True
False
What are the three earnings create in RUN for the Families First Coronavirus Response Act?
FF Employee Pay, FF Fam Care Pay, and FF FMLA Expansion
FFCR Employee Pay, FFCR Fam Care Pay, and FFCR FMLA Expansion
COVID Employee Pay, COVID Fam Care Pay, and COVID FMLA Expansion
What tax is exempted from the three new earnings for the Families First Coronavirus Response Act?
Employee & Employer Social Security Tax
Employer Social Security Tax only
SUI Tax
All of the above
If Alex reduces his employees hours, can they file for unemployment?
Yes, please have them follow their state process to file an Unemployment Claim.
No, Alex's employees would not be eligible as they are still employed.
May be, rules vary by state.
None of the above.
The Paycheck Protection Program (PPP) (CARES ACT, Sec 1102) will:
Provide businesses and non-profit organizations with less than 500 EE's eligibility for an SBA new loan through 6/30/20.
Provide up to $10 million for payroll and certain other expenses.
Forgive the portions of the loan if all employees are kept on payroll for eight weeks, used for payroll, rent, mortgage interest, or utilities.
All of the above.
If Alex applies for the Paycheck Protection Program (PPP) loan, what report in RUN will Alex need?
CARES SBA-PPP; Yearly Payroll Cost Report
CARES SBA-PPP; Quarterly Payroll Cost Report
CARES SBA-PPP; Monthly Payroll Cost Report
None of the above.
How can Alex apply for an SBA loan offered through the Paycheck Protection Program?
Apply through any existing SBA (a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Alex should apply through the IRS website.
ADP will submit the loan application for Alex.
All of the above.
Which are the correct payment limits for the earnings created under the Families First Coronovirus Response Act?
Employee Pay - payment not to exceed $611 per day for two weeks, Fam Care Pay - payment is not to exceed $300 per day for two weeks, FMLA Expansion - payment is not to exceed $300 per day for up to 10 weeks.
Employee Pay - payment not to exceed $511 per day for two weeks, Fam Care Pay - payment is not to exceed $200 per day for two weeks, FMLA Expansion - payment is not to exceed $200 per day for up to 10 weeks.
Employee Pay - payment not to exceed $411 per day for two weeks, Fam Care Pay - payment is not to exceed $100 per day for two weeks, FMLA Expansion - payment is not to exceed $100 per day for up to 10 weeks.
None of the above.
Families First Coronavirus Act went into effect on April 1, 2020. What pay periods are covered for the tax credits?
Some of the March Hours can be recorded if their pay date is on April 1 or later.
Only periods from April 1, 2020 to December 31, 2020 are covered.
Only for the month of April will be covered.
None of the above.
The CARES Act Recovery Rebates offers direct assistance to Americans in the form of a one-time direct payment. Does Alex need to report those wages through payroll?
Yes, Alex needs to report payment for accurate reporting.
No, payments are NOT to be included in wages nor payroll.
Who is responsible for filing tax and deposit extensions with the state and jurisdictions?
ADP is responsible for filing tax and deposit extensions.
Alex is responsible for filing tax and deposit extensions.
There are no filing & deposit extensions available at this time.
Which knowledge article would outline the steps on how to handle tax filing & deposit extensions?
Families First Coronavirus Response Act
Handling Critical jurisdictions
Handling Tax Filings & Deposits Due to COVID-19
True or False: If Alex decides to take the Paycheck Protection Program (PPA) load, Alex will NOT be eligible for the Employee Retention Program tax credit against Employer Social Security tax.
True, some provisions affect the availability of other options.
False, Alex can take both relief options.
Which best describes the key distinctions of the new COVID-19 earnings?
Employee Pay is for EE's directly affected by the virus, FAM Care is to take care of someone who has been affected and FMLA Expansion only requires 30 days of employment to be eligible.
Employee Pay is for all EE's who have been temporarily laid off work, FAM Care is to take care of someone who has been affected, and FMLA Expansion only requires 60 days of employment to be eligible.
Employee Pay is for all EE's who have been temporarily & permanently laid off work, FAM Care is to take care of someone who has been affected, and FMLA Expansion only requires 90 days of employment to be eligible.
Employee Pay is for all EE's who have been temporarily & permanently laid off work, FAM Care is to take care of someone who has been affected, and FMLA Expansion only requires 90 days of employment to be eligible.
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