5 Steps to an Emergency Small Business Coronavirus Loan

Download PDF from Akin Gump – Five Steps to an SBA PPP Loan Step 1. Does my business qualify? Were you in business on February 15, 2020? Does your business have at least one but no more than 500 employees or do you meet the applicable SBA size standards for your industry? Have you faced economic uncertainty as a result of the COVID-19 pandemic? Will you use the loan to maintain payroll and other business obligations? Will you decline to take the “Employees Retention Tax Credit for Employers?” If the answer to all of the questions above is “yes,” keep reading. Step 2. How much of a loan can I get? First, check your payroll records to see how much you paid in total over the past 12 months: Salary, wages, tips, and commissions (no more than $100,000 per employee) Payments for group health insurance and retirement programs like 401(k) plans Payments to the state unemployment insurance fund Second, take that total number, divide by 12, and multiply this result by 2.5. This is your loan amount. The loan cannot be more than $10 million. Step 3. For what can I use the loan money? You can use the loan...

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FFCRA Summary of Temporary Final Regulations

Families First Coronavirus Response Act (FFCRA) Summary of Temporary Final Regulations Emergency Paid Family and Medical Leave Act (EPFMLA) Cannot Work or Telework Up to 12 weeks of job-protected leave Care for child due to school closure, childcare unavailable due to coronavirus Eligible Employees All employees on payroll for 30 days or more Amount of Pay After first 10 days, receive no less than 2/3 employee regular rate of pay. Not to exceed $200 per day, $10,000 in the aggregate Reinstatement/Return to Work Must reinstate to same or equivalent position Unless position was eliminated Emergency Paid Sick Leave Act (EPSLA) Cannot Work or Telework due to: Quarantine, advised to self-quarantine, seek diagnosis, preventative care or diagnosis for coronavirus (Quarantine order includes orders that advise citizens to shelter in place, stay at home, otherwise restrict their mobility) Caring for an individual who subject to quarantine or isolation order or advised to self-quarantine Eligible Employees All Employees Amount of Hours & Pay Full-time employees entitled to 80 hours (14 days) Part-Time entitled to average number of hours employee is scheduled per day over six-month period. Full pay, not to exceed $511 per day, $5,110 in the aggregate for employee Quarantine, self-quarantine, or...

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FFCRA Emergency Paid Leave Posting

Families First Coronavirus Response Act (FFCRA) Emergency Paid Leave Posting As many of you are aware, the Families First Coronavirus Response Act (FFCRA) Emergency Paid Family & Medical Leave Act and Emergency Paid Sick Leave provisions become effective tomorrow, April 1st.  I had hoped that the U.S. DOL would have published draft Regulations by the close of business today and prior to April 1st to give employers an indication as to how these provisions will be administered by the U.S. DOL.  As of the time of this email, the U.S. DOL has not published anything aside from the Frequently Asked Question (FAQs).  The U.S. DOL published FIELD ASSISTANCE BULLETIN No. 2020-1 that states that they will not bring enforcement actions against any employer who is out of compliance provided they can demonstrate that they have made a reasonable good faith effort to comply with the law.  We will make sure that we notify you as soon as the draft Regulations are published to ensure your organization is compliant. In the meantime, covered employers are required to post the Federal Employee Notice or the Non-Federal Employee Notice  in the same locations that they post similar notices by April 1, 2020.  Additionally,...

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Updated U.S. DOL Definition of Health Care Provider & Emergency Responders

The United States Department of Labor (U.S. DOL) has recently published an updated version of the Families First Coronavirus Response Act (FFCRA) Frequently Asked Questions (FAQ) that provide further insight into which employees are included in the definition of “health care provider” and “emergency responder”. After the final language of the FFCRA was released, there were numerous questions about which EMS agency employees were considered “emergency responders” and potentially subject to being excluded from the group of employees eligible for Emergency Paid Family and Medical Leave and Emergency Paid Sick Leave.  The U.S. DOL has provided clarification in FAQ numbers, 55-57 respectively. 55. Who is a “health care provider” for purposes of determining individuals whose advice to self-quarantine due to concerns related to COVID-19 can be relied on as a qualifying reason for paid sick leave? The term “health care provider,” as used to determine individuals whose advice to self-quarantine due to concerns related to COVID-19 can be relied on as a qualifying reason for paid sick leave, means a licensed doctor of medicine, nurse practitioner, or other health care provider permitted to issue a certification for purposes of the FMLA. 56. Who is a “health care provider” who may...

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