|ASA Washington Weekly
Congress will likely take action this week on additional stimulus legislation. Further funds are needed for the SBA Paycheck Protection Program, with the expectation that all $350 billion that was originally allocated will run out of funds by the end of this week.
Republicans suggested an additional $250 billion in funding for the program, while Democrats wanted an additional $500 billion. As a result, negotiations continue.
Since many states are still working through executive orders on essential businesses, the White House has indicated that it would like to end shelter in place orders by May 1. While many in the medical community have shared their skepticism for the plan (due to lack of testing or a vaccine), there may be a push by the Administration to institute a phased or rolling re-start to certain sectors of the economy in areas that are not considered ‘hot spots.’
SBA Paycheck Protection Program: Having been implemented just ten days ago, the SBA Paycheck Protection Program funds are anticipated to run out by the end of this week. If you are eligible and not yet taken advantage, please do so by contacting your banking institution today.
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) has published 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.
Videos: New OSHA videos offer quick tips on assessing and responding to workplace risks to reduce the spread of COVID-19.
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