Staying current on national business legislation

June 18, 2020

Federal stimulus for business: CARES Act, PPP Flexibility Act, and loan forgiveness

We have a clear, quick analysis of how the federal government’s historic response may help your business.

June 15, 2020

7 ways small businesses can maximize PPP loan forgiveness

Business owners need to know how to spend the money from the Paycheck Protection Program so most of the loan is forgiven. We can help.

April 20, 2020

Explaining the Families First Coronavirus Response Act

This federal package offers relief to individuals and businesses affected by coronavirus quarantines, symptoms, and isolation orders.

Ideas and action items

1

Unsure how local laws and regulations affect your business? Connect with your local Small Business Development Center for state-specific assistance.

2

As an employer, you’re provided tax credits for benefits paid under both the sick leave and family medical leave provisions of the Families First Coronavirus Response Act.

3

Sole proprietors, gig workers, and independent contractors are eligible for CARES Act benefits, as well as nonprofits and veteran's organizations.

4

The PPP Flexibility Act tripled the time—from eight to 24 weeks—for businesses to spend their forgivable PPP loans.

Frequently Asked Questions (FAQs)

The emergency benefits are aimed at businesses with fewer than 500 employees:

  • Emergency sick leave pay is provided for employees unable to work or telework as a result of COVID-19, or caring for certain individuals sick with the disease.
  • Family medical leave pay applies only to individuals caring for a child under 18 whose school (or daycare) is closed due to COVID-19.
  • Employer tax credits are provided to employers paying such benefits by allowing them a credit (within limits) against quarterly payroll tax payments.

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The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.

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