The Senate passed the Coronavirus Aid, Relief, and Economic Security (or the CARES Act) on March 25th, 2020. Employers who hold onto their employees during the pandemic would be eligible for a 50% credit that would offset the employer’s share of Social Security taxes up to $10,000 of qualified wages per employee. This applies for eligible employers with less than 100 full-time employees. The bill also delays the payment of payroll taxes. The first half is to be paid by December 31st, 2021 and the second half is due on December 31st, 2022. Net operating losses from 2018, 2019, or 2020 can be carried back five years and the 80% NOL limit has been suspended. More CARES Act information can be found here. A vote from the House is expected by voice this Friday March 27th, 2019.
The Coronavirus (COVID-19) is directly impacting the way businesses operate. Washington state has implemented emergency employment security rules. These rules have eased the qualifications for employees to receive unemployment benefits. Workers that have been laid off due to the Coronavirus outbreak can visit to check their eligibility. Employees are encouraged to go through this checklist before starting the unemployment application.
The U.S. Small Business Association is offering small business loans. All small businesses in the United States are currently eligible to apply for a small interest loan due to Covid-19. Small businesses can apply online here or can call (800) 659-2955. These loans can be used for payroll, paid sick, medical, or family leave, costs related to the continuation of group health care benefits, mortgage payments, rent, utilities and other debts.
Please contact Ken Schellberg at firstname.lastname@example.org if you have any questions. Thank you.