Families First Coronavirus Response Act (FFCRA):

Just a reminder this Act goes into effect today. Below is an article from ADP that goes into it a bit more detail and provides some clarification from the DOL. If you are unsure how this Act impacts you, we recommend that you reach out to your payroll processor and discuss it with them. We believe both ADP and Paychex have departments set up to assist. Keep in mind that if you are applying for the PPP loan and expect to take advantage of the loan forgiveness portion, the you will not be eligible for the payroll credits or the deferral of the social security tax payments under this Act. It is either one or the other. If you have questions about this, we can schedule a time to discuss them in detail if you wish.

www.adp.com/spark/articles/2020/03/dol-releases-new-guidance-on-families-first-coronavirus-respon... ... See MoreSee Less

4 hours ago  ·  

Small Business Loan Programs:

If you are checking with your bank about the Payroll Protection Program (PPP) loan, they will very likely say it is not ready yet. We recommend that you apply now for the Economic Injury Disaster Loan (EIDL) now and then after it is processed, convert it to the PPP. This is allowed, you cannot have both loans just one or the other. The SBA has streamlined the loan app process and you should be able to finish it fairly quickly. They will then contact you for any info needed when the loan is processed.

You can access the new streamlined loan by clicking the link below. Make sure you ask for the $10,000 Economic Injury Grant Advance when completing the app, this is a grant, not a loan and does not have to be repaid. Typical funding could take as much as 6 weeks.

covid19relief.sba.gov/#/ ... See MoreSee Less

4 hours ago  ·