The Coronavirus pandemic has affected small business HARD! It has had such a significant impact over such a short period of time, that it is unlike anything ever experienced in our lifetime! With all that has been happening and the news hitting you from every direction, we thought it would be helpful to provide a summary of various resources.
Coronavirus Aid Relief and Economic Security (CARES) Act – see a summary here, provided by the US Senate Committee on Small Business and Entrepreneurship. Some significant components for business owners:
- Provides Business Interruption Loans – see details here from the US Chamber of Commerce.
- You will apply for these loans through your bank (applications are not yet available as of 03.30.20)
- Provides additional unemployment benefits for individuals.
- Provides a deferment of a portion of payroll taxes for the remainder of 2020.
- Provides Refundable Payroll Tax Credits for those forced to partially or fully shut down during the crisis.
Families First Coronavirus Relief Act – find details here from the Department of Labor
- Provides Sick Leave/Family Care Leave for Employees affected by the Virus.
- Provides Employers a credit for the cost associated with this benefit.
- Small Businesses (under 50 employees) can claim exemption from the requirement if they feel it will be detrimental to their business.
- There are new notice-posting requirements, which should also be provided electronically to employees if your workforce is primarily working from home. Get a copy of the poster here.
SBA Disaster Loans
- Due to the significant number of applications being filed, the site crashed last week, and updates were made to the application process – requiring forms be downloaded and completed. Now, there is a more streamlined (think – simpler!) process on the web. There will be follow up for additional information, but at least you can get your name in queue.
- These loans are separate from the Business Interruption Loans provided in the CARES Act – you can apply for both, but will only receive one.
If you have questions about anything related to the latest on the Coronavirus, please reach out and we’ll help you as best we can!