During the coronovirus (COVID-19) crisis, circumstances are changing fast, almost daily. This post will be updated as new information becomes available.
SBA Disaster Loans:
You may have heard about SBA’s Economic Injury Disaster Loans (EID Loans), which offer up to $2 million in assistance to small businesses to help overcome temporary losses of revenue.
These low-interest disaster loans are for businesses of all sizes, private non-profit organizations, homeowners, and renters.
Tax credits for paid leave:
The U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor announced last week that, “Small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.” These credits include paid sick leave for employees who cannot work due to the coronavirus. Click here to view the press release!
Because we are California-based, we would like to share the latest information we have regarding employer and employee options for our California-based businesses. If you are located out of California, please check with your local government for the latest information.
If you are experiencing reduced production, services, or other conditions in association with COVID-19, you may apply for the UI Work Sharing Program. This program allows employers to seek an alternative to layoffs – retaining their trained employees by reducing their hours and wages that can be partially offset with UI benefits. Workers of employers who are approved to participate in the Work Sharing Program receive the percentage of their weekly Unemployment Insurance benefit amount based on the percentage of hours and wages reduced, not to exceed 60 percent.
You can learn more about the UI Work Sharing Program HERE.
Related information about COVID-19 from the California Governor’s Office of Business and Economic Development can be found HERE.
Up-to-date guidance from the CDC on how businesses can prepare for and respond to the spread of COVID-19 can be found HERE.
CDC guidance for cleaning and disinfecting work spaces is provided HERE.
We are working remotely to give our valued customers all the support we can. Stay safe!