I hope that you are staying safe and healthy. Our firm is still here to assist you and your business with legal matters during these uncertain times. I wanted to highlight two laws that were recently passed which could directly impact you as an employee or as a business owner: The Families First Coronavirus Response Act (FFCRA) and The Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under these new laws, there is a new Emergency Paid Sick Leave Act as well as an Emergency Family and Medical Leave expansion of the Family and Medical Leave Act. In general, certain employees (which include owner/employees) may be eligible for up to 2 weeks of paid sick leave plus up to 12 weeks of family and medical leave. It should be noted that this is applicable to individuals who are considered employees as of April 1
. For employers, a refundable payroll tax credit is available to allow for reimbursement for the cost of providing coronavirus-related leave to their employees.
Also, there are new loans available for small business owners such as an Economic Injury Disaster Loan and a Paycheck Protection Program Loan. These loans are available on a first come, first served basis so if you are interested you should contact the Small Business Administration and your Bank/Lender to discuss options.
Below are some helpful government links which provide additional details:
Please do not hesitate to reach out to me if you have any questions on how these new laws may affect you.
Jeffrey D. Cohen, Esq., C.P.A.