CARES Act

CARES Act Guide.pdf

small business owner's guide to the cares act

The Complete Guide to the CARES Act, It's Worth the Read

BILLS-116s3548is.pdf

Cares act

The Complete CARES Act Can Be Found Here, It's 246 Pages

FFCRA_Poster_WH1422_Non-Federal.pdf

CARES Act Poster

Businesses Must Display By 04/01/20

CARES Act Provisions

    1. An Employee Retention Credit against employment taxes – cannot be used if taking a small business interruption loan
    2. Deferred employer payroll taxes
    3. Personal $1,200 tax credit
    4. Coronavirus related distributions allowed from retirement plans
    5. Loan amount from qualified retirement plans increased to $100,000
    6. Required minimum distribution requirement waivers
    7. Charitable contribution limits increased for individuals and businesses
    8. Provisions related to losses, interest expense deductibility (now 50%)
    9. $500 billion in loans is authorized by the Treasury to employers with between 500 and 10,000 employees
    10. Lots of other non-business related items

FFCRA Deadlines

April 1 FFCRA Deadline:

Remember the Families First Coronavirus Response Act goes into effect on the 1st for employers with under 500 employees. The mandatory poster needs to be up by then. Tough decisions need to be made whether to lay off (temporarily/furlough or permanent) employees. I believe if laid off, they will be able to apply for unemployment – and receive an extra $600 under the CARES act until July 31. Alternatively, if still employed, the employees will be entitled to receive mandatory leave pay for Covid 19 related reasons, including taking care of children who are out of school. If employees are laid off before April 1, the FFCRA doesn’t apply.

The amount of FFCRA guidance has greatly increased and for more questions and answers go to: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

FFCRA Hardship exemption information

FFCRA Hardship Exemption: The FFCRA Questions document above provides at # 58: An employer, including a religious or nonprofit organization, with fewer than 50 employees (small business) is exempt from providing (a) paid sick leave due to school or place of care closures or child care provider unavailability for COVID-19 related reasons and (b) expanded family and medical leave due to school or place of care closures or child care provider unavailability for COVID-19 related reasons when doing so would jeopardize the viability of the small business as a going concern. A small business may claim this exemption if an authorized officer of the business has determined that:

  1. The provision of paid sick leave or expanded family and medical leave would result in the small business’s expenses and financial obligations exceeding available business revenues and cause the small business to cease operating at a minimal capacity;
  2. The absence of the employee or employees requesting paid sick leave or expanded family and medical leave would entail a substantial risk to the financial health or operational capabilities of the small business because of their specialized skills, knowledge of the business, or responsibilities; or
  3. There are not sufficient workers who are able, willing, and qualified, and who will be available at the time and place needed, to perform the labor or services provided by the employee or employees requesting paid sick leave or expanded family and medical leave, and these labor or services are needed for the small business to operate at a minimal capacity.