Countdown to 2021!

Posted by Lee Yarborough on 12/2/20 2:30 PM
Lee Yarborough
Find me on:
Posted on: December 2, 2020

This New Year’s Eve will be a night to remember! Although we most likely won’t be at any large gatherings, everyone around the world will be celebrating the end of 2020 and the start of a new and promising year. But before you grab your face mask, hand sanitizer, and glass of champagne, make sure that you button up the year properly.

This year has been difficult, and we are all ready to bid it farewell, but there are some practical and business matters that need to be addressed before you can pull out the noisemakers. Here are some items to address in December so that 2021 will start off right.

Prepare for W-2s.  Now is the time to ensure you have correct addresses, add fringe benefits, and update systems with any third-party pay. Work with your payroll provider to confirm that everything is ready for an easy January.

AdobeStock_295091753-1Review Benefits and Policies.  January is a popular time for new benefits to start. However, remember that employee benefits are more than just health insurance and be sure to consider paid time off, holidays, and other forms of benefits. Also, take time in December to read your employee handbook and confirm that it is up to date and relevant.

Research State Developments.  If your business is in multiple states, make sure that you are aware of any changes which may impact your organization such as minimum wage increases, expanded leave provisions, and posting requirements.

Evaluate COVID Impact.  The pandemic had a major impact on insurance carriers and state unemployment funds, which can have a direct repercussion on your business. South Carolina has announced that the unemployment tax rates will NOT increase in 2021, which is great news. However, other states may not be able to make such promises. Monitor state laws for how COVID will affect your business from both unemployment insurance as well as workers’ compensation insurance. States have taken varied approaches, which can directly impact your company’s financials.

Expiration of COVID Legislation.  The Families First Coronavirus Response Act (FFCRA) provided employees with paid sick leave or expanded family and medical leave for specific reasons related to COVID-19. The Coronavirus Aid, Relief, and Economic Security Act (CARES) provided businesses and individuals with multiple programs to lessen the financial impact of the pandemic. Many of the programs are set to expire at the end of the year. Be on the lookout for new COVID relief measures or possibly an extension of some of the current provisions.

AdobeStock_389563827_Editorial_Use_OnlyApply for Loan Forgiveness.  If your business received a Paycheck Protection Program (PPP) loan this year, you should apply for forgiveness within 10 months after the last day of the covered period or you must begin the repayment. You have time, but the end of the year is a great time to work with your lender and accountant, compile the necessary information, and determine the best process for forgiveness.

 READ MORE:   How the Pandemic is Revealing the Importance of Using a PEO

As much as we want this year to be over, it is important to take the time and end the year on a positive note. Now is the time to complete unfinished tasks, review regulatory changes, and prepare for year-end processes. 2020 has been difficult for businesses, communities, and individuals, yet there has been a lot to celebrate as well. Before the year ends, carve out some time to meditate on the year. Focus on the hardships as well as the lessons learned. Then grab a glass of champagne or sparkling cider and get ready to ring in 2021!

PEO Insider cover Oct 2020Propel HR President Lee Yarborough was recently elected Chair of the National Association of Professional Employer Organizations (NAPEO) Board of Directors. 

She spoke with PEO Insider  magazine to share where she thinks the industry is headed and how NAPEO can continue to grow.  

Download a pdf version of the full interview:  A Passion To Serve

About Propel HR. Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for more than 20 years. Propel partners with small to midsized businesses to manage payroll, employee benefits, compliance and risks, and other HR functions in a way that maximizes efficiency and reduces costs. 

National Master Health Plan

Topics: Featured, Human Resources, PEO, HR, Employee Benefits, benefits, Checklist, "HR Services", Outsourced HR Services, Human Resources Services, COVID-19

Subscribe to our Blog for Fresh Weekly Content

Your HR Checklist For Q3

Stay up to date with new laws, deadlines and important changes related to payroll, ... Read More

PEOs are in the Business of Small Business

PEOs play a vital role in helping small businesses across the country thrive and survive.  Read More

3 New Employment Laws That Could Impact Your Business

New changes in three employment laws may have a significant impact on your business. ... Read More


HR Division of Propel HR

The HR Division is made up of a team of professionals with a vast level of experience and HR expertise, assisting organizations of all sizes and within a wide variety of industries. They readily partner with clients to address strategic and compliance challenges surrounding the employment life-cycle and the ever-changing laws that regulate it. Inquire below about how they can help you!