Frequently Asked Questions for Business Owners
As we all try to navigate the rapidly changing landscape of the COVID-19 virus, we want to assure you that AGHL Law is here to help you through this difficult and unprecedented economic environment. If you are concerned about COVID-19 and its potential impact on your business, please contact us today and any of our attorneys will be able to assist you.
Please also visit our blog for the latest updates and information on COVID-19.
What should my business review due to impact of COVID-19?
The total impact of COVID-19 is not entirely understood yet, however, businesses should take proactive steps to ensure their success going forward. Businesses should review:
- Employee policies and handbooks to ensure compliance with sick leave and expanded family and medical leave
- Contracts, leases, and agreements that the business has signed to determine any potential impact COVID-19 may have on the Agreements themselves and Force Majure clauses.
- Establishing work from home policies.
- Cleaning Policies.
- Examining meeting and travel schedules.
- Communicate your changes in hours and operations to your customers or clients.
- Shifting sales and marketing strategies to online and internet-based services.
- Establishing a plan in case one of your employees’ contracts COVID-19
Do I have to provide paid sick leave and expanded Family and Medical Leave for Coronavirus?
Yes, Starting April 1, 2020, until December 31, 2020, all employers under 500 employees must provide paid sick leave to their employees. For more information regarding sick leave hour calculations, which employees are eligible and other requirements please see our blog post on the Families First Corona Virus Response Act or contact us at 815-265-6464
Am I required to post any information in my workplace regarding paid sick leave?
Yes, all businesses are required to post notice of sick leave available to their employees where the business normally places such notices. A link to the posting created by the US Department of Labor is provided here.
What federal monetary assistance is available to my business?
The CARES Act passed on March 27, 2020 allocated Billion dollars to help small businesses through two distinct loan programs. The Economic Disaster Loan Program (EDL) and the Paycheck Protection Loan Program (PPP).
Businesses are eligible if they have less than 500 employees. For the EDL program businesses are eligible for a loan up to $2 million dollars. The PPP program provides businesses 2.5 times the business’s average monthly payroll up to $10 million dollars to cover payroll costs for 8 weeks. PPP has an added benefit of being 100% forgivable for 8 weeks of payroll expenses following your loan funding, if you maintain your current staffing levels.
Most of these loans do not require collateral or a personal guarantee. The SBA will do a credit check to determine if you are eligible.
Are there any tax incentives available to my business?
Yes, there are. The CARES Act and Family First Coronavirus Response Act provides tax credits and rebates to businesses affected by coronavirus. However, some tax credits will not be available to you if you accept an Economic Disaster Loan or a Payment Protection Program Loan. Please contact us to help determine whether or tax credit or loan made available under the CARES Act would be more beneficial for your business.
I would like more information regarding the disease where do I go?
The CDC has developed a Frequently asked questions page regarding testing and how to protect yourself, for more information please visit https://www.cdc.gov/coronavirus/2019-ncov/faq.html