COVID-19 Resources for Professional Services Firms
Families First Coronavirus Response Act (FFCRA)
On March 18, 2020, the Families First Coronavirus Response Act (FFCRA) was signed into law. The FFCRA covers a wide range of emergency provisions to provide relief to individuals, families, and businesses along with the expansion of the Family Medical Leave Act (FMLA) and additional Paid Sick Time. Additionally, the US Department of Labor has issued some specifics around who this applies to and how it will be administered. The links below are the best resources we have found, along with a summary poster to inform your employees. Please take a look at these to determine if you have employees who will be eligible.
CARES Act and the Paycheck Protection Program
With the passage of the CARES Act, the Payroll Protection Act provides timely support to keep your business open and employees paid. The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). More information and guidelines will be forthcoming this and next week. We will endeavor to keep our information as current as possible. We have found this site to contain a nice summary of the CARES Act.
Here are some additional links you may find helpful: