While legislative activity slowed down last week, the task of implementing the provisions of enacted stimulus legislation began.
House Democrats are still anticipating a fourth round of stimulus, most likely focused on Energy and Infrastructure. Senate Republicans have opposed the move for now, wanting to see how the previous stimulus programs are working and revisiting additions or changes in the days ahead. The White House has signaled a continuing desire to see a massive, national infrastructure program, of around $2 trillion.
SBA Paycheck Protection Program: After a rocky start, banks started to implement processes on Friday, even though many of the parameters of the program had been issued just hours before.
Under the $350 billion program, small businesses may receive up to $10 million (on a first-come, first-serve basis), at 1% interest, to cover up to 250% of monthly payroll costs, including payroll taxes, retirement contributions, and healthcare premiums.
In order to apply, simply visit your SBA-approved commercial banking institution. More information can be found here:
Paycheck Protection Program Application Form
SBA’s Paycheck Protection Program Overview
U.S. Department of Labor:
The U.S. Department of Labor’s Wage and Hour Division (WHD) published more guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) Now that it has gone into effect, helpful links can be found here to help you navigate the new guidelines:
Website: Unemployment insurance relief during COVID-19 outbreak.
Release: Wage and Hour guidance on paid sick leave and expanded family and medical leave benefits related to COVID-19.
Posters: New workplace posters on paid sick leave and expanded family and medical leave under the Families First Coronavirus Recovery Act are now available in Spanish, Cantonese, Korean, Mandarin, Thai, and Vietnamese.
Webinar: A Wage and Hour Division webinar explains which employers are covered by the new paid sick leave and expanded family and medical leave law, which workers are eligible, and what benefits and protections the law provides.
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