All of us who are trying to figure out how best to help our companies survive and perhaps even thrive in the coronavirus crisis should be sure to review and evaluate the insurance policies we carry to protect our companies from unexpected loss. While none of us fully understand the extent of what the current losses could be, a wise business owner looks to all possible ways of mitigating whatever losses do arrive.
Emergency legislation has made unemployment benefits an important financial lever for small businesses faced with closing the margin between expenses and revenues. Labor costs often make up more than half of gross sales for service businesses, so payroll is one of the first places many owners are looking to be able to manage through the COVID-19 crisis. In previous articles, we discussed how to furlough employees, how to seek payroll loans and tax credits under the CARES Act, and specific business relief programs in the DC-Maryland-Virginia region for working capital and layoff aversion.
We are now living in a profoundly new world where many workplaces are being transitioned to teleworking with limited planning or time to test systems. This rapid shift brings challenges that must be addressed and resolved from both a legal and operations standpoint.
Last week, the federal government enacted the CARES Act. It provides economic relief to Americans both as individuals and businesses. While the Act contains a variety of tax, loans and other measures, the following programs are of particular interest to employers and small businesses:
As the number of Covid-19 infections rise, the federal, state, and local governments are taking more drastic actions to protect and support the public during this time. The following updates summarize major changes that affect employers in the DMV:
Another week has passed during the Covid-19 pandemic, and we have seen the DMV governors close all non-essential businesses, schools closing for another month or even the rest of the school year, the legislatures are working to provide relief to employers and employees. The number of positive cases rise even as we wait with baited breath to see whether all the collective effort is “flattening the curve”.
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act. The important part for employers is it enacts temporary measures requiring employers with fewer than 500 employees to provide paid sick leave and family leave for those directly affected by COVID-19.
Due to our current global pandemic, employers are faced with very difficult decisions as the government further restricts movement and closes businesses in an effort to contain the community spread of Covid-19. One of these questions is – should I shut my doors and temporarily lay off my employees?
From day to day, hour to hour, as our government responds to the COVID-19 pandemic, our laws change. Some are relaxed, others are altered, and new ones are added.
By now you have been hearing a lot about the Coronavirus (Covid- 19), which has spread to the United States from other parts of the world. While the Center for Disease Control and Prevention has stated that this is not yet a pandemic, it is important that you plan now on how to protect yourself, your employees, and your business from the impact of this virus. You should not panic, but you should be prepared for a potential emergency of unknown scope and length.