Frequently Asked Questions about the Paycheck Protection Program (PPP) Loans Under the CARES Act
4/1/2020 | Articles & Alerts, General, News & Resources
What is the PPP Loan Program? This is an expansion of the SBA Section 7(a) loan program to incentivize employers to retain and pay its employees using loan proceeds of up to $10 million which can be paid back over up to 10 years at a maximum interest rate of 4%. These PPP loans may also qualify for tax-free loan forgiveness of up to 8 weeks of the employer’s operating costs. Who qualifies as an Eligible Employer? Any business that […]
CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY (CARES) ACT SUMMARY
4/1/2020 | Articles & Alerts, General, News & Resources
Below is a summary of the highlights of the CARES Act, including those relating to expanded SBA (potentially forgivable) Loans programs, Unemployment Compensation and Other Individual Benefits, and certain Tax Incentives. The just enacted federal CARES Act offers significant financial support to “small” businesses and individuals who have suffered economic impact from the COVID 19 pandemic. A summary of those portions of the Act which provide benefits to small businesses, individual employees and their families, and certain tax incentives, follows. SMALL […]
Tuesday, March 31, 2020 – DEPARTMENT OF LABOR ISSUES GUIDANCE ON FFCRA PAID SICK LEAVE AND EMERGENCY FAMILY AND MEDICAL LEAVE
3/31/2020 | Articles & Alerts, Employment, Employment Law Blog, General, News & Resources
The Department of Labor (DOL) has issued guidance on the Families First Coronavirus Response Act (FFCRA) by updating a list of “Questions and Answers” about the FFCRA on the DOL.gov site. Below is a summary of some critical points in that guidance: EFFECTIVE DATE OF LEAVE ENTITLEMENTS: The DOL has stated that the first available date for leave is April 1, 2020. The Effective Date of the FFCRA is April 2, 2020, which was 15 days from the FFCRA’s passage […]
CORONAVIRUS RESPONSE ACT PASSED
3/30/2020 | Articles & Alerts, General, News & Resources
Congress passed and the President of the United States signed into law the “Families First Coronavirus Response Act” (the “Act”), the anticipated coronavirus relief bill. The Act has several main components: paid sick leave for affected workers; paid family leave for affected workers; increased unemployment compensation funding to states which loosen their eligibility rules for unemployment compensation benefits; free testing for those needing testing for the COVID-19 virus; expanded food aid; and tax credits to employers who provide qualified sick […]
COVID 19 Resources and Information
3/23/2020 | Articles & Alerts, General, Media, News & Resources
https://www.cdc.gov/coronavirus/2019-nCoV/index.html https://www.pa.gov/guides/responding-to-covid-19/ https://covid19.nj.gov/ ELDI is pleased to offer a replay of its May 7, 2020 training of COVID-19: Transitioning Employees Back Work
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