MONDAY MORNING MINUTE  

                  April 6, 2020
FOLLOW US ON TWITTER AND FACEBOOK FOR MORE UP TO DATE INFORMATION CONCERNING COVID-19 RESPONSES BY SUCH AGENCIES AS OSHA, EEOC,  NLRB AND DOL DURING THIS EVER CHANGING TIME  
www.psb-attorneys.com     Follow us on Twitter Like me on Facebook
CARES ACT BRIEFING
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, created a new loan program, the Payroll Protection Program (PPP), to sustain small businesses and allow them to retain and rehire employees through loans and loan forgiveness. These loans are called "job retention loans" to provide eight weeks of payroll and a certain overhead to keep workers employed.  

The program began Friday. You will need to go to a SBA lender, bank or credit union, apply for a loan.  Approval has not been without snags, but possibly could be approved on the same day if your paperwork is in order.  The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.

The interest rates will be at 1.0 %, a lower rate than the previously funded disaster loans, including the Economic Industry Development Loans that are at a rate of 3.75%.  The loans are guaranteed by the SBA, and do not require collateral or personal guarantees.

While each bank may differ in terms of documentation requirements, the application can be found here.  
FAMILIES FIRST CORONAVIRUS ACT NOTICE FAQ  
Families First Coronavirus Act notices must be posted as of April 1, 2020.  Below are some of the frequently asked questions regarding such notices, as taken directly from the Wage and Hour Division's page:   

1. Where do I post this notice? Since most of my workforce is teleworking, where do I electronically "post" this notice? 

Each covered employer must post a notice of the Families First Coronavirus Response Act (FFCRA) requirements in a conspicuous place on its premises. An employer may satisfy this requirement by emailing or direct mailing this notice to employees, or posting this notice on an employee information internal or external website.

2. Do I have to post this notice in other languages that my employees speak? Where can I get the notice in other languages? 

You are not required to post this notice in multiple languages, but the Department of Labor (Department) is working to translate it into other languages.

3. Do I have to share this notice with recently laid-off individuals?

No, the FFCRA requirements explained on this notice apply only to current employees.

4. Do I have to share this notice with new job applicants?

No, the FFRCA requirements apply only to current employees. Employers are under no obligation to provide the notice of those requirements to prospective employees.

5. Do I have to give notice of the FFCRA requirements to new hires? 

Yes, if you hire a job applicant, you must convey this notice to them, either by email, direct mail, or by posting this notice on the premises or on an employee information internal or external website.
SPOGNARDI BAIOCCHI LLP is  a law firm dedicated to partnering with companies of all sizes to address the full spectrum of legal concerns for its business.  Our commitment is to find common sense solutions that fit each clients' unique situation to labor, employment, human resources and general business needs. 

With over 50 combined years of experience among its 2 founding partners in these areas, we can assist businesses in developing custom solutions to today's tough issues.  And as litigators, who combined have over thousands of trials  "under their belts" before state and federal courts as well as administrative agencies (such as the NLRB) you will find no better advocate and partner. 
 
For more information on the firm, please go to our website at www.psb-attorneys.com or Lisa at lab@psb-attorneys.com
 
TRUSTED LEGAL ADVISORS 
FOR 
ALL YOUR BUSINESS NEEDS
                      
DISCLAIMER: All content in this Client Alert is intended for general information only and is current as of the date and time of circulation.  Nothing contained herein should not be construed as legal advice applicable to your particular situation.  No attorney-client relationship is created. Before taking any action based on the information contained herein, you should consider your personal situation and secure the necessary legal and/or professional advice.