The economic implications of the COVID-19 pandemic are shaping up to be seismic. On March 25, the Senate passed a third economic stimulus package, the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
Businesses are doing their part to help prevent the spread of COVID-19 by following CDC guidelines for disinfecting and offering remote work arrangements for employees. The COVID-19 outbreak has forced many business owners to put their contingency plans into place to keep operations going, and some are wondering how they will make payroll.
On March 23, 2020, Governor Larry Hogan announced new economic relief packages from the Maryland Department of Commerce for Maryland small businesses and nonprofits affected by COVID-19.
The U.S. Small Business Administration (SBA) is making low-interest disaster recovery loans available to small businesses that have been severely impacted by the COVID-19 pandemic. Loans are available to businesses located in declared disaster areas, including Maryland, Washington, DC and Virginia.
President Trump just signed into law a second phase of coronavirus-related relief, called the Families First Coronavirus Response Act. It’s a $100 billion relief package designed to offer help to businesses and their employees who are impacted by the coronavirus. The first phase of relief, an $8.3 billion piece of legislation, was dedicated to coronavirus vaccine research and development. This new legislation includes provisions for tax credits for employers who offer paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. Let’s take a closer look at the FFCRA and what it means for businesses and employees, and what business owners need to be ready to offer to employees by April 2.
With a potential economic crisis on the horizon, business owners are more than concerned. Business owners everywhere are walking a delicate tight rope of financial concern, meeting cancellations, travel restrictions, technology challenges and employee morale, all while trying to remain empathetic toward employees and customers. It’s flat out hard being a business owner right now. When I asked some of our firm’s leaders for their #1 piece of advice for business owners, several common themes emerged: communication and patience. Let’s look at what they had to say.