To ease employer costs during the COVID-19 pandemic, the CARES Act provided a refundable tax credit in 2020 against withholding taxes on employees’ wages. The credit was available to employers that had not taken a PPP loan and was set to expire at the end of 2020.
- 1. What Does Workers’ Compensation Provide?
Workers’ compensation insurance provides compensation to employees who suffer work-related accidents or illnesses. It also protects employers from lawsuits by employees who were injured at work.
As states begin to their introduce plans to reopen their economies, employers are understandably anxious about bringing employees back to the physical workplace. While returning to work will look different for each employer, there are several global considerations that all employers should keep in mind.
Reopening Massachusetts Businesses: What to Know About Phase 1
The goal for those with Paycheck Protection Program (“PPP”) loans is to have the amount borrowed forgiven. Borrowers that can turn a PPP loan into a grant can defray lost revenues during the COVID-19 crisis. Meeting the requirements for forgiveness is key, but can be thwarted if the employer had to lay off or furlough staff. (For more information on the PPP, browse our various articles on the subject).
The Massachusetts Department of Unemployment Assistance has issued emergency alerts clarifying how the normal unemployment benefits program is modified during the COVID-19 emergency. Under the CARES Act, states that accept the federal program can offer additional unemployment benefits of $600 per week for COVID-19 related unemployment.
The CARES Act provides two tools for boosting an employer’s cash flow by reducing its employment taxes through a tax credit, and by delaying payment of certain payroll taxes.
The COVID 19 pandemic has turned the workforce on its head, forcing employees from their brick and mortar offices and into new (in a sense) terrain: Their homes. All businesses deal with information that is deemed confidential, and many have echoed concerns regarding the information governance aspects of our now-seemingly universal work from home situation.
Here are some light-hearted but essential tips for businesses and their home-based staff who are remotely handling and protecting confidential information.
On April 2nd, the In-House Advisor convened a second video conference of General Counsel and Corporate Counsel to discuss how their businesses are dealing with the COVID-19 crisis. As with the prior meeting, the in-house counsel present were from entities ranging from small, local companies, to large, multi-national enterprises. Here are some of the key takeaways from the session:
Working from Home
We previously issued an advisory providing guidance on a number of federal, state and private funding relief alternatives to provide capital to small businesses during the COVID-19 disaster recovery process, including as to the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).