CARES Act Summary
Title I – Keeping American Workers Paid and Employed Act. Under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), federal, state, and local officials have pledged to make many resources easily available to help individuals and businesses affected by the COVID-19 (coronavirus) crisis. The source for this information is primarily H.R. 748, which has been signed by President Trump.
Below you find the following guidelines from the signed bill; Section 1102 – Paycheck Protection Program (PPP), Section 1106 – Loan Forgiveness, Section 1110 – Emergency EIDL Grants and Section 1112 – Subsidy for Certain Loan Payments. The SBA must establish regulations to carry out Title I of the CARES Act within 15 days of March 27, 2020.
Did You Know?
Bielat Santore & Company shares financial spreadsheet to help restaurants compute Paycheck Protection Program (PPP) and Loan Forgiveness. The Federal Government through the Small Business Administration (SBA) has allocated $349 billion in general business loans under Section 7(a) of the Small Business Act and has established parameters for 100% federal government guaranteed covered loans up to $10 million per borrower.
“In a continuing effort to keep our clients informed and to help them through these very trying times, today we are making available a spreadsheet which will assist clients in computing the amount of the Paycheck Protection Loans they may be eligible to receive and to identify the portion of those loans that may be considered canceled indebtedness,” states Richard Santore, Vice President of the Allenhurst, NJ firm.
NJDOL Benefits and the Coronavirus (COVID-19) – What Employees Should Know. New Jersey has among the most comprehensive Earned Sick Leave, Temporary Disability and Family Leave Insurance laws in the country, which cover all employees – full-time, part-time, temporary and seasonal.
New Jersey’s Earned Sick Leave Law even covers public health emergencies – employees can use Earned Sick leave if their workplace or child’s school or daycare is closed due to an epidemic, or if a public health authority determines the need for a quarantine.