3-25 Small Business Relief and Other Updates related to COVID-19
Hi, GO-HR friends and family.
Many of you are starting to feel the pinch of the reduction in business or the complete closure of your business. Several people have been sending me resources to share out. Please note that I am sharing these. I cannot confirm their validity or applicability. Please confer with your business advisor/accountant on these.
We’ll have more info coming to you later today or tomorrow on the required postings for the Families First Coronavirus Response Act (FFCRA).
Business loans and grants:
Food and beverage industry: https://www.jamesbeard.org/blog/relief-fund?utm_source=social&utm_medium=instagram&utm_campaign=2020-03-19
Check with your state government for options specific to your state.
Check with your trade industry for options specific to your industry.
Otto Beatty, owner of Intelligent Office shared the first link below with me and our friends at FOCUS CFO provided the second link. If you are trying to help your employees with unexpected expenses, here is a great option for many. This was enacted after 9-11 and may be relevant to our current circumstances. Make sure to work with your accountant/CFO on how to properly utilize and track this resource.
You may want to “favorite” this particular article. It’s from Forbes and it’s a daily tracker of business relief opportunities for small businesses. https://www.forbes.com/sites/briannegarrett/2020/03/20/small-business-relief-tracker-funding-grants-and-resources-for-business-owners-grappling-with-coronavirus/#4d5c1d36dd4c
Healthcare Premiums: Make sure you talk to your insurance agent about options for both the business and individual employees.
Payroll: On April 2nd the FFCRA goes into effect. Work with your accountant/payroll provider to understand how to recoup the tax savings if you end up paying employees through either of these Acts. Remember, though, there are limited circumstances for which your employees can be compensated through these Acts, so proceed accordingly.
You may have had to make the difficult decision to lay off employees at this time, but there are still employers hiring. We posted several who are seeking temporary employees to handle the surges in their businesses. You can check out the post on our FB page at GOHRbiz. I’ve also attached a PDF that lists those employers, as well as other resources for those who are being laid off.
Unemployment and Worker’s Compensation questions? Reach out to Brett and Tony over at Compensation Solutions. They’re our go-to resource on these issues. They’re here for EMPLOYERS, though. Please do not send your employees to them.
Sharon DeLay, MBA, SPHR, SHRM-SCP, CPCC
GO-HR (a dba of BoldlyGO Career and HR Management, LLC)
[O] 614-473-0122 ▪ [C] 614-233-1522