The Paycheck Protection program in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress is intended to assist business owners and employees. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and gig workers. The links and guide below provide information about the major programs and initiatives that are available from the Small Business Administration (SBA) to address these needs. Payroll Masters will provide you with all the reports you will need.
The CARES Act, expands eligibility for access to Economic Injury Disaster Loans (EIDL) to include Tribal businesses, cooperatives, and Employee Stock Option Plans (ESOP) with fewer than 500 employees or any individual operating as a sole proprietor or an independent contractor during the covered period (January 31, 2020 to December 31, 2020). Private non-profits are also eligible for both grants and EIDLs. Payroll Masters will provide you with all the reports you will need.
Payroll Masters will help employers with your Families First Coronavirus Response Act payroll transactions. On April 1, employers with 500 or less employees can offer Emergency Paid Sick Leave if an employee is: under quarantine/isolation order; self-quarantine ordered by health care provider; experiencing COVID-19 symptoms, seeking diagnosis; caring for an individual who is under quarantine; caring for a child under 18, due to public health emergency school or childcare closure; or experiencing any other “substantially similar condition” specified by the Secretary of HHS.