As regulations are changing daily, we encourage you to contact the following resources directly for the latest and most up to date information. Please contact your Nisivoccia professional if you have additional questions.
Although we are working remotely, please know we are available to answer any questions you may have on your accounting, tax or audit matters. Do not hesitate to contact us via phone, video or email, if you need assistance navigating through the recent legislation, with your loan application or financial and budget process during these times.
Resources for Small Businesses and Not-for-Profits.
Also refer to Navigating Your Business Through Coronavirus (COVID-19) above for additional information.
Economic Injury Disaster Loan Program
The SBA’s Economic Injury Disaster Loan program provides small businesses with low interest loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing due to the Coronavirus (COVID-19) pandemic. Refer to the links below for program information.
The Families First Coronavirus (COVID-19) Response Act
The Families First Coronavirus Response Act expands the Family Medical and Leave Act (FMLA) and Paid Sick Leave requirements for most organizations under 500 employees.
Employers must provide eligible employees with up to 12 weeks of job-protected leave to care for their children.
Who is eligible?
Paid Sick Leave
Employers will have to provide up to 80 hours of paid-sick-leave to employees, regardless of the length of time that they have been employed. Paid sick-leave benefits will be available immediately.
Paid sick leave must be paid at the employee’s regular rate of pay, or minimum way, whichever is greater for any employee that:
Paid sick leave must be paid at two-thirds of the employee’s regular rate of pay, or minimum wage, whichever is greater for any employee that:
Paid sick leave is capped at $511 a day for an employee’s own care and $200 a day for employees caring for someone.
Tax Credit Available
Also under the Families First Coronavirus Response Act, employers who pay sick or family leave under the act, can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus (COVID-19) related leave to their employees.
If an eligible employer paid $5,000 in sick leave and is otherwise required to deposit $8,000 in payroll taxes, including taxes withheld from all its employees, the employer could use up to $5,000 of the $8,000 of taxes it was going to deposit for making qualified leave payments. The employer would only be required under the law to deposit the remaining $3,000 on its next regular deposit date.
If an eligible employer paid $10,000 in sick leave and was required to deposit $8,000 in taxes, the employer could use the entire $8,000 of taxes in order to make qualified leave payments and file a request for an accelerated credit for the remaining $2,000.
Equivalent child care leave and sick leave credit amounts are available to self-employed individuals under similar circumstances. These credits will be claimed on their income tax return and will reduce estimated tax payments.