More COVID-19 Relief for Businesses & Employees
To help you make the best decisions for your business, we will be sharing clear and actionable COVID-19-related relief information as often as it becomes available. As of today, here’s what you need to know:
UPDATE: The Families First Coronavirus Response Act’s effective date is now 4/1/2020
The Families First Coronavirus Response Act will now be effective as of Wednesday, April 1, instead of Thursday, April 2. To learn more, the Department of Labor has a detailed FAQ here.
Are You Looking for Ways to Retain Your Employees?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was executed on March 27, 2020. One aspect of the CARES Act is the Paycheck Protection Program. This is designed to keep businesses afloat and employees on the payroll during this crisis. It contains provisions for emergency SBA loans to cover payroll costs, rent, utilities and other expenses. The terms are favorable and borrowers are eligible to have their loans forgiven if certain conditions are met.
The U.S. Chamber of Commerce put together a great guide to help you determine if this program will work for you. It’s presented in a way that's simple, clear, and easy to understand. Every small business should take a look. Click here.
Additionally, the CARES Act does a lot to strengthen unemployment benefits for employees who do lose hours.
- The federal government will increase state unemployment benefits an additional $600 per week for up to four months. If an employee would have received $340 per week, they’ll receive $940 during this period.
- In addition, this Act adds an additional 13 weeks of unemployment onto the standard state allotment (26 in California, making it now 39 weeks) of unemployment insurance.
Read more about the CARES Act here.
Allevity Is Here to Help
As always, we are committed to helping you find clarity and the best solution for your company. Our mission is to be your best business decision. Don’t hesitate to contact your representative with any questions. We’re here to help.