Article from CNBC: https://www.cnbc.com/2020/04/09/federal-reserve-unveils-details-of-its-much-anticipated-main-street-lending-program.html “The Federal Reserve on Thursday announced a bevy of new moves aimed at getting another $2.3 trillion of financing into businesses and revenue-pinched governments. Stock futures jumped after the announcement, which came moments after the government reported that 6.6 million new jobless claims were filed last week. Among the Fed’s measures were details regarding its Main…
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Preliminary Requirements Checklist for the SBA Paycheck Protection Program
Click here for information on the Preliminary Requirements Checklist for the SBA Paycheck Protection Program: https://documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3A78dc967d-5cab-4d27-ad08-0c91f51c6f57
Preliminary Requirements Checklist for the SBA Paycheck Protection Program
Click here for information on the Preliminary Requirements Checklist for the SBA Paycheck Protection Program: https://documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3A78dc967d-5cab-4d27-ad08-0c91f51c6f57
New SBA Program as a Result of the CARES Act
The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law on Friday, March 27th. The act includes a provision for SBA loans to businesses meeting certain qualifications with loan forgiveness and payment deferral relief options. Click here for more information: https://documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3A63096d6e-b0cb-4321-885a-543f5398407b
Salt Lake County’s “Stay Safe, Stay Home” Order: Impacts on Businesses and Employers
Salt Lake County issued a Public Health Order entitled “Stay Safe, Stay Home” that is currently in effect and will continue to be in effect until at least April 13, 2020 and can be extended as needed. The intent of the Order is to ensure the “maximum number of people self-isolate in their homes and…
For Employers, Layoffs Are Not the Only Answer
For Employers, Layoffs Are Not the Only Answer As the spread of COVID-19 in the United States worsens and disrupts the economy, many business owners are looking for answers on how to keep their business afloat. As employers attempt to wade through the current uncertainty, they will be looking for ways to cut costs, and…
Paycheck Protection Program and the Economic Impact Disaster Loan provided for in the Cares Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has important provisions all businesses should be evaluating right now. The Paycheck Protection Program (PPP) allocates almost $350 billion to help small businesses keep their employees and prevent other losses caused by the COVID-19 pandemic. PPP loans are 100% federally guaranteed and the funds may…
Covid-19 and USERRA – Employer and Employee Rights and Responsibilities
On Friday, March 27, 2020, President Trump issued an Executive Order (the “Order”) requiring the Secretary of Defense to begin the process of recalling members of the Armed Forces Reserve and Ready Reserve components. If you have employees who serve in the reserve component of any branch of the armed forces, this Order may trigger…
How Will My Employees’ Unemployment Claims Related to COVID-19 Affect My Unemployment Tax Premiums?
Unemployment claims have skyrocketed in Utah, as in other states, since the outbreak of COVID-19. Many employers are concerned that the spike in claims will cause their unemployment insurance premiums to dramatically increase. On March 25, 2020, the Utah Department of Workforce Services (DWS) issued guidance on this topic: https://jobs.utah.gov/covid19/uifaqemployers.pdf. First, DWS indicated that the spike…
Department of Labor Issues “Questions and Answers” on Families First Coronavirus Response Act
The Department of Labor has published “Questions and Answers” to assist employers with complying with the Families First Coronavirus Response Act: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions. This document provides plain-language guidance to practical questions. Formal regulations from the DOL interpreting the Act are still forthcoming.
Family First Coronavirus Response Act Notice Requirements
(https://www.dol.gov/agencies/whd/pandemic/ffcra-poster-questions) 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…
Stay-at-Home Orders: How employers can prepare for mandatory lockdown measures
In response to growing concerns regarding the spread of COVID-19, 17 states have issued mandatory stay-at-home orders. The lockdown orders generally prohibit residents from leaving their homes except for essential needs, such as grocery shopping or seeking urgent medical care, and require that all “non-essential businesses” close. Four additional states have ordered all nonessential businesses…
Family First Coronavirus Response Act: Emergency Paid Sick Time & Paid Family Leave
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (“FFCRA”), emergency legislation that imposes upon employers both paid family leave and new paid sick leave obligations. The measure will have a major impact on employers with fewer than 500 employees. Expanded Family Medical Leave Act Coverage The legislation amends…
US Small Business Administration Disaster Loan Assistance for COVID-19
The US Small Business Administration recently created a list of states and counties eligible for small business disaster assistance loans related to the COVID-19 outbreak. These loans offer “up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue” and “may be used…
Utah Unemployment Benefits for Employees Affected by COVID-19
Utah’s Department of Workforce Services (DWS) has expanded eligibility for unemployment benefits to cover many individuals who are temporarily unemployed or underemployed due to business interruption or quarantine measures taken in response to COVID-19. DWS has published FAQs on its website for employers and employees at https://jobs.utah.gov/covid19/index.html. These FAQs suggest DWS will be generous in granting…
Coronavirus and Your Business: Practical and Legal Considerations
By Christopher B. Snow, Director and Shareholder, Co-Chair of Labor & Employment Group. Despite suffering significant coronavirus (COVID-19) reading fatigue (I come from a long and distinguished line of hypochondriacs), there are a few legal and practical issues that your business should be considering as this pandemic unfolds. It is likely that your employee handbook does not…
“Is Your Payroll Company WithHOLDING Out On You?”
Corporate, Tax and Bankruptcy Update We have noticed several payroll processing companies go out of business or file for bankruptcy, leaving their clients (the businesses forwhom they process payroll) without services, and potentially facing large tax bills. One such company that filed bankruptcy in Utah in 2014 had been automatically withdrawing the wages and tax…