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.
On April 1, 2020, the Families First Coronavirus Response Act (FFCRA) will commence and be effective through December 31, 2020 for employers with less than 500 employees in the United States. On March 24, 2020, the DOL issued an informal compliance guide in a Q&A form which provided some clarification on this new legislation. Here are some considerations to keep in mind as employers implement the new leave requirements.
This article originally appeared on Citybizlist as part of a series featuring Burns & Levinson attorneys helping businesses and individuals navigate the many challenges that COVID-19 presents.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) passed into law on March 27, 2020. It is intended to alleviate the financial hardship of workers through a number of measures. The following are features of the new law important to employers and employees.
As businesses and HR specialists navigate the disruption brought on by the pandemic, keep in mind these key points regarding employee benefits in the time of COVID-19.