Staying current on national business legislation
June 18, 2020
We have a clear, quick analysis of how the federal government’s historic response may help your business.
June 15, 2020
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
This federal package offers relief to individuals and businesses affected by coronavirus quarantines, symptoms, and isolation orders.
Ideas and action items
Unsure how local laws and regulations affect your business? Connect with your local Small Business Development Center for state-specific assistance.
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.
Sole proprietors, gig workers, and independent contractors are eligible for CARES Act benefits, as well as nonprofits and veteran's organizations.
The PPP Flexibility Act tripled the time—from eight to 24 weeks—for businesses to spend their forgivable PPP loans.
Frequently Asked Questions (FAQs)
This act (signed into law June 5, 2020) loosened some of the original restrictions placed on loans secured through the PPP. It gives businesses more time and flexibility to spend their loans. Key features:
- Increases spending window to 24 weeks (from the original eight-week window).
- Lowers what must be spent on payroll to earn full loan forgiveness to 60%.
- Extends deadline to restore staff and salaries to end of 2020.
- Allows all businesses to delay 2020 payroll tax payments.
Much of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is aimed at businesses with fewer than 500 employees per business location, although there may be exceptions according to the SBA definition of “small business” for a certain industry.
Special provisions are included for large businesses in troubled industries, such as airlines.
Sole proprietors, gig workers, and independent contractors also are eligible, as well as nonprofits and veterans’ organizations.
Ineligible: private equity or venture capital firms, or businesses connected to Congress or the White House.
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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