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04/01/20 – FFCRA Requires Action TODAY

By April 1, 2020COVID-19

FFCRA Requires Action TODAY

The Families First Corona Response Act (FFCRA) takes effect today and applies to workers impacted by COVID-19 (and their families) through the end of 2020. Employers are required to post a notice to employees TODAY. Post in a prominent location or share with all employees via email or on a company intranet.

Start Receiving Credit Immediately for Keeping Employees on the Job

Companies that continue to pay their employees during this business interruption can receive an Employee Retention Credit for half of the wages up to $10,000. Businesses that suspend operations due to governmental order or those that see a significant decline in gross receipts over the same quarter in 2019 are eligible. Businesses that take SBA loans CANNOT participate in this program. Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees’ wages by the amount of the credit. The credit covers any wages paid from March 12 through the end of the year.

Action Item: Determine which of the two programs — Employee Retention Credit or Paycheck Protection Program — makes the most sense for your business.

SBA Applications for Paycheck Protection Start Friday

Small businesses with less than 500 employees and sole proprietorships can begin applying for the Paycheck Protection Program, beginning Friday. This Treasury Department program overview explains who is eligible and when and how to apply. Applications are through any participating SBA lender, federally insured depository institution or federally insured credit union. You may need these documents, so start gathering them now.

 

Action Item: Download the application or learn more about the Paycheck Protection Program.

 

Action Item: Determine which of the two programs — Employee Retention Credit or Paycheck Protection Program — makes the most sense for your business.

FFCRA_Poster_WH1422_Non-Federal

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