RELIEF IS HERE
CARES Act & FFCRA

Relief Is Here!

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was created and passed with bipartisan support and signed into law by President Trump on Friday, March 27th. The 2 trillion-dollar financial stimulus package is an economic lifeline thrown to an economy struggling under the weighty impacts of these unforeseen medical and societal consequences. It provides much needed relief to both small businesses and employees financially impacted by the pandemic. The CARES Act, along with the Families First Coronavirus Response Act, is an injection of life and hope to businesses owners and employees who desperately need to move forward quickly during these difficult times.

With many of our clients directly impacted by the business interruptions caused by the Coronavirus, our hearts go out to you as you’ve had to potentially make difficult decisions that have impacted not only your business, but the lives of your employees and their families.

These are great programs, and a HIREtech’ian is available and on call to answer any questions you have when it comes to how the CARES Act and FFCRA impact your business.

Relief form
Employee Retention Credit
This credit takes aim at helping businesses whose operations were suspended to some degree due to government orders – or – helping those businesses whose quarterly gross receipts were 50% or less than the same quarter the previous year. A business only needs to qualify for one of the above two statements for the credit to be applied. The business can receive a maximum of 50% of the wages that qualify, for a maximum amount of $5,000 in tax credits per employee that can be offset by Payroll Taxes. This credit cannot be used along with a Paycheck Protection Loan and can be reduced by the utilization of some credits in the FFCRA. Further, you cannot claim the WOTC credit and the Employee Retention Credit for the same wages.
Paycheck Protection Program
Emergency Family and Medical Leave Expansion Act (EFMLA) & Emergency Paid Sick Leave Act (EPSLA)
Payroll Credit for Required Paid Sick Leave
Payroll Credit for Required Paid Family Leave
Amendments to the Family and Medical Leave Act of 1993.
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