CARES Act Stimulus Package: Small Business Loan Provisions (Updated March 30, 2020)
The CARES Act, as signed into law on March 27, 2020, provides assistance to small businesses that have been impacted by the COVID-19 pandemic. In an effort to prevent businesses from laying off employees during this time, the CARES Act allocates $360 billion for the U.S. Small Business Administration (SBA) loan programs.
Click here for more detailed information.
Family First Coronavirus Response Act Update
The US Department of Labor just posted the mandatory notice required under the Family First Coronavirus Response Act. This notice must be posted by all employers who are subject to the Act.
A copy may be downloaded here.
Family First Coronavirus Response Act: Impact on Small Business
I have had a number of clients reach out and ask about the Family First Coronavirus Response Act, which was recently signed into law, and I wanted to make people aware of its provisions and their impact on small businesses.
The Act applies to small private sector employers with less than 500 employees. The act allows the Department of Labor to issue regulations that may exempt certain employers with fewer than 50 employees from providing paid sick leave or family leave if the requirements would jeopardize the viability of the employer but, until these regulations are issued, employers with less than 500 employees should assume that they are subject to its provisions. The law is a short-term law and the provisions that are most likely to impact small businesses take effect on April 2, 2020 and expire on December 31, 2020.
Click here to see the provisions.