CARES ACT Top Ten: Your FAQs Answered
In this episode, hear from OneDigital's business leaders as they discuss actionable information needed to capitalize on the $2 trillion of relief and economic stimulus that was signed into law Friday, March 27, 2020, and the top ten questions regarding the CARES Act.
As the workforce responds to the evolving coronavirus pandemic, organizations must understand and plan for the impact by adopting policies and programs to mitigate repercussions while proactively managing their workforce and the care and safety of employees.
In this episode, hear from OneDigital's business leaders as they discuss actionable information needed to capitalize on the $2 trillion of relief and economic stimulus that was signed into law Friday, March 27, 2020, and the top ten questions regarding the CARES Act.
UPDATE AS OF 4/3: As expected, the launch of SBA applications for the Paycheck Protection Program (PPP) has created a frenzy of activity from business leaders and overwhelmed many lenders who were unprepared for the onslaught of applications. If the amount of early activity is any indication, the $349 billion allocated for this program will be gone in short order.
In addition, in the interim final regulations published last night there were a few important changes/clarifications to the initial guidance:
- 1099 employees are not to be included in the employer's payroll calculation. However, they are free to apply on their own as a sole proprietor beginning April 10, 2020.
- The final interest rate for unforgiven portions of the loan will be 1% and the term of the loan has been shortened to 2 years.
Looking to further understand and mitigate the coronavirus pandemic on your business operations and workforce? View more COVID-19 Employer Advisory Sessions to hear from OneDigital advisors addressing and translating the evolving coronavirus pandemic for employers. Take action now to alleviate the long-term impact and proactively develop business planning strategies.
