Here are two time-sensitive updates for your business that I trust will be helpful to you in these trying times.
The PPP loan is the portion of the program where you can potentially get loan forgiveness and is at an interest rate of 0.5%. It has a funding cap and will be first-come first serve, and the SBA is going to process applications in the order received. Therefore it is important that you collect the required documentation as soon as possible if you intend to apply. I would really encourage you to speak to your banker about submitting an application this Friday, April 3rd, the first day available to do so. Any bank or credit union that is an approved SBA lender can process these applications.
Second: Here is a Department of Labor notice that employers are required to post related to the Families First Coronavirus Response Act (FFCRA) that recently became law. This is required to be physically posted or emailed to employees effective 4/1/20. I wanted to make sure you have this if you haven’t received it from your benefits broker or elsewhere. These FAQs from the Department of Labor spell out how to distribute the notice. If you have specific benefits questions around coronavirus issues I would be glad to connect you to someone through Keystone (our agency network) that can help answer those as well. If your employees choose to take paid leave under this act, the cost to you as an employer is refundable through credits for your quarterly payroll tax returns. You can read more about the specifics and how to claim the tax credits here, the FAQs at the bottom of the page are a good source of quick info.
Please let us know if we can do anything else to support your business during this time.