#covid19taxrelief

The U.S. Department of Labor (DOL) issued temporary regulations for the Families First Coronavirus Response Act (FFCRA) on April 1, which confirmed that employees must give notice to their employers of the need to take leave and must provide supporting documentation for requests for paid sick leave and emergency family and medical leave. The IRS also provided guidance on needed documentation.

What does the CARES Act do for Small Businesses?

Creation of a new “Paycheck Protection Program” consisting of nearly $350 billion to provide eight weeks of cash-flow assistance to small businesses through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. The Paycheck Protection Program covers payroll costs, paid sick leave, supply chain disruptions, employee salaries, health insurance premiums, mortgage payments, and other debt obligations to provide immediate access to capital for small businesses who have been impacted by COVID-19. If employers maintain their payroll, the loans would largely be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly recover after the crisis.

Coronavirus Emergency Loans Small Business Guide Check List

State of Michigan Unemployment Benefits Increased and Expanded for independent Contractors and Gig Workers

Financial Assistance Tracker for Businesses Hit by Coronavirus Crisis

Families First Coronavirus Response Act Notice – Frequently Asked Questions

sample coronavirus communication to employees

All three of these terms describe actions that are intended to achieve cost savings by reducing a company’s payroll costs. Even though the words have been used interchangeably, their true meanings are quite different.