If your employees have been laid off:
● Employees can apply for Unemployment● Make sure you check your State agency for how to apply for this benefit.● Here is an excel sheet with a link to each State Unemployment agency: https://netorg348400-my.sharepoint.com/:x:/g/personal/isabel_streamdentalhr_com/Eb4YV-QiT_5IlD6VWHEWFpYB664Df_4qrddKF6eJMHBozw?e=XDKvx3
Work Sharing Programs:
● Workshare programs let businesses temporarily reduce the hours of their employees, instead of laying them off during economic downturns. Technically referred to as short time compensation, the goal of work-sharing programs is to reduce unemployment.● Under approved workshare programs, employees qualify for a percentage of unemployment benefits, equal to the percentage by which their hours have been reduced.● Depending on your State, this might be something you can do instead of laying off your employee.● Here is a link to see which State’s have Work Share Programs: https://www.ncsl.org/research/labor-and-employment/work-share-programs.aspx● Consider activating a remote working policy so your employees can perform some of their work from home. If the fundamental duties of their role have changed during this period of time, provide them with a new task list so that they understand what is expected of them
Small Businesses exemption for FFCRA:
Paid Sick Leave Act and Emergency Family and Medical Leave Expansion Act
An employer, including a religious or nonprofit organization, with fewer than 50 employees (small business) is exempt from providing (a) paid sick leave due to school or place of care closures or child care provider unavailability for COVID-19 related reasons and (b) expanded family and medical leave due to school or place of care closures or child care provider unavailability for COVID-19 related reasons when doing so would jeopardize the viability of the small business as a going concern. A small business may claim this exemption if an authorized officer of the business has determined that:● The provision of paid sick leave or expanded family and medical leave would result in the small business’s expenses and financial obligations exceeding available business revenues and cause the small business to cease operating at a minimal capacity; ● The absence of the employee or employees requesting paid sick leave or expanded family and medical leave would entail a substantial risk to the financial health or operational capabilities of the small business because of their specialized skills, knowledge of the business, or responsibilities; or ● There are not sufficient workers who are able, willing, and qualified, and who will be available at the time and place needed, to perform the labor or services provided by the employee or employees requesting paid sick leave or expanded family and medical leave, and these labor or services are needed for the small business to operate at a minimal capacity.
A small business is exempt from certain paid sick leave and expanded family and medical leave requirements if providing an employee such leave would jeopardize the viability of the business as a going concern. This means a small business is exempt from mandated paid sick leave or expanded family and medical leave requirements only if the:● Employer employs fewer than 50 employees;● Leave is requested because the child’s school or place of care is closed, or child care provider is unavailable, due to COVID-19 related reasons; and an authorized officer of the business has determined that at least one of the three conditions described above.
Other options for Businesses:
● Contact your bank- Banks are giving 60-90 days deferred payments● New Tax Deadlines- 1) File your individual tax returns by July 15, 2020. 2) File an extension if you need more time to make your 401k/profit-sharing contributions.
Care’s Act- The Coronavirus Aid, Relief, and Economic Security Act.
● The bill does not take effect until 15 days after the president signs it. Was signed on March 27,2020● Regulatory guidance from federal agencies such as the DOL, DOT, DOHHS, and the IRS may be necessary to fully explain the value and impact these provisions would have on dentists, students and employees.● Not all our guidance fits all situations, so please make sure to contact your accountant or other tax or legal professional when looking at these important decisions.
EIDL- Emergency Injury Disaster Loan
● A number of Small Business Administration’s loans available to small business owners.● The Economic Injury disaster loan-which establishes an emergency grant to allow a dental practice that applies for an EIDL loan to receive an advance on that loan of no more than $10,000 which the SBA must distribute within 3 days. (This grant will not have to be repaid even if you are not approved for the loan.)● Likely due to the enormous demand, the like to the SBA site is working sporadically. ~ It is ONLY available through the SBA website ~Go to https://disasterloan.sba.gov/ hit the middle circle that says apply online ~We encourage you to print a paper application using the link below and upload the application to avoid website traffic issues.● If you apply for the loan before the grant is available, you will need to go back and request the grant but will not have to reapply. 1) The SBA will determine the amount of an EIDL Loan and the loan is available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. 2) The money may be used to pay for employee sick leave (COVID-19-related, mortgage or rent, and other overhead expenses.
Terms of loan
● 3.75% Interest, Up to 30-year repayment, 12 months of no payments.● Credit score of applicants is the primary factor of approval● $10 billion is set aside for the grant program, and the grants are to be given out First Come First Served
Use your CPA or Dental CPA
● www.adcpa.org● Use your CPA to do this application