STIMULUS PACKETS EXPLAINED

Signed into law on March 6, The Coronavirus Preparedness and Response Supplemental Appropriations Act provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak, enabling the U.S. Small Business Administration to offer $7 billion in disaster assistance loans to small businesses impacted by COVID-19.

Signed into law on March 18th the Families First Coronavirus Response Act (FFCRA), this new law goes into effect on April 1, 2020, and it will remain in effect until December 31, 2020.

While the full legislative package includes many provisions, including free coronavirus testing, food assistance and medical services budget increases, only four aspects of the law apply chiefly to businesses. These broad changes include requiring some employers to provide paid sick leave, paid family and medical leave along with tax credits for the paid leave, and expansion of unemployment insurance.

One of the most important things to know upfront is that the paid leave provisions apply only to businesses with fewer than 500 employees. If your business has fewer than 50 employees, you may be able to apply for an exemption from the Secretary of Labor if providing either of the types of paid leave could “jeopardize the viability” of your business, according to the U.S. Department of Labor.

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”) into law following the Act’s approval by both chambers of Congress.  https://www.congress.gov/bill/116th-congress/senate-bill/3548 The Act is aimed at reducing the economic impact of the novel coronavirus 2019 (“COVID-19”) pandemic and authorizes $2.1 trillion in aid to various sectors of the economy.  This memorandum summarizes several aspects of the Act that may be of interest to our clients and friends, including:

  • paycheck protection program provisions;

  • loans, loan guarantees and other investments for eligible businesses, states and municipalities;

  • business and individual tax provisions;

  • certain retirement and pension related provisions;

  • bank regulatory provisions;

  • credit protection, mortgage loan and residential property provisions;

  • student loan provisions; and

  • patent and trademark provisions.

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     Daleville Area Chamber of Commerce is 501 C 6 Non-Profit

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