There have been several important COVID-19 updates for employers including the new CARES Act, Payroll Protection Program and FFCRA Updates. Get the recording of the webinar as well as numerous employer resources below.
The Payroll Protection Act, a component of the CARES Act, is a relief loan program created to help most small businesses and self-employed individuals. We’ll cover topics and questions about the program, including:
- Borrower Eligibility and Requirements.
- Purpose of the loans.
- Loan characteristics (interest rate, maturity, payment deferral, forgiveness).
- Pros and Cons vs other similar programs.
- How to complete the loan application.
- Some important questions we don’t yet have answered.
Find out more about Matt and Pendleton Street Advisors here.
Here is more information regarding the CARES Act
The CARES Act gives employers the following options and benefits, which may allow them stay open and keep more people employed:
- Small businesses may be eligible for emergency grants of up to $10,000 to cover immediate operating costs.
- The Small Business Administration (SBA) may provide loans of up to $10 million per business; any portion of that spent to pay employees, keep workers on payroll, or pay for rent, mortgages, or existing debt could be forgiven, provided workers remain employed through the end of June.
- Small businesses with existing SBA loans may have up to six months of payments waived.
- Businesses who have experienced a decline in gross receipts of 50% as compared to the same quarter of 2019 or who have been fully or partially shutdown by order may be eligible to receive a refundable tax credit for 50% of qualified employee wages up to $10,000 per employee. This is unrelated to the dollar-for-dollar payroll tax credit that can be taken for FFCRA leaves.
- Businesses may defer payment of employer payroll taxes imposed between the enactment of this law and December 31, 2020 with half of the deferred taxes due by December 31, 2021 and the rest due by December 31, 2022. This is unrelated to the dollar-for-dollar payroll tax credit that can be taken for FFCRA leaves.
Additional Topics That Will Be Covered
- FFCRA updates over the last 5 days
- Exemptions from the Emergency Paid Sick Leave and Emergency FMLA that includes Health Care Providers
- Further information regarding business closures, unemployment and layoffs.