As the COVID-19 crisis continues to impact businesses across the US, permanent workforce reductions are a looming possibility (if not a reality) for many employers.
To help businesses survive this ordeal, the US government has enacted several legislations, which we wanted to share with you:
On March 18, 2020, the President signed the new Families First Coronavirus Response Act (FFCRA or The Act) – effective until December 31, 2020 – that requires employers with less than 500 employees to provide a specific amount of paid sick leave and paid leave to employees affected by the new coronavirus.
It also provides affected employees with a corresponding employment tax credit and has temporarily expanded the Family and Medical Leave Act (FMLA) requirement to provide protected leave related to the coronavirus.
The FFCRA contains three sections:
To learn more about the FFCRA, be sure to read this post from the US Department of Labor: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
The US Small Business Administration (SBA) is also offering low-interest federal disaster loans to small businesses to help them cope with the economic losses caused by the coronavirus crisis.
The loans offer up to $2 million in assistance and can provide vital economic support to small businesses during these times. These loans have an interest rate of 3.75% and can be used to pay fixed debts, payroll, accounts payable and other bills. You can apply for a disaster loan here: https://disasterloan.sba.gov/ela/
To learn more about the SBA Economic Injury Disaster Loan, read this post from the US SBA: https://www.sba.gov/disaster-assistance/coronavirus-covid-19