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The DOL published regulations providing guidance on paid leave under the Families First Coronavirus Response Act.  This temporary rules provides critical guidance on a number of topics related the FFCRA including conditions that a business under 50 may be excluded from the provisions of the law. Link to rules: https://www.dol.gov/sites/dolgov/files/WHD/Pandemic/FFCRA.pdf If you have questions about DOL regulations, please give Senior Counsel Attorney, Eric Tiritilli a call at 402-397-7300.

The IRS has issued important guidance for employers answering many questions regarding tax credits for payments made under the Families First Coronavirus Response Act.  Included in the questions and answers is specific guidance on documents employers will need to substantiate their eligibility for the credits. Link: https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs If you have questions about the Families First Coronavirus Response Act, please give Senior Counsel Attorney, Eric Tiritilli a call at 402-397-7300.

Click the link for the Paycheck Protection Program Application Form: https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application.pdf If you have questions about the Small Business Paycheck Protection Program, please give Senior Counsel Attorney, Eric Tiritilli a call at 402-397-7300.  

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.    The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and Employee [...]

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven [...]

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list [...]