CARES Act: Loan Programs and Employment Matters for Business Owners CFS joined Cole Schotz P.C. for a 1-hour webinar on April 2, 2020 to speak about various loan programs that are available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as well as related employment matters regarding federal and state leave laws, expanded unemployment benefits, and employee confidentiality during this crisis. The economic stimulus package provides a number of benefits to businesses. Topics Discussed (video as of 4/2/2020)Loan Programs under CARES Act for Small BusinessesSBA's Payroll Protection Program (PPP)Descriptions of new programEligibilityParticipating lendersMaximum loan amountUse of proceedsForgiveness and reductionPayment deferralsOther key terms (Waiver of affiliation rules in certain cases and "credit elsewhere" requirementsExpansion of SBA's Economic Injury Disaster Loan Program (EIDL) for COVID-19Relaxed eligibility requirementIncreased fundingUse of proceedsEIDL grants ($10,000) during applicationOther key terms (waiver of personal guarantees and "credit elsewhere" requirementsInterplay with PPP loan programChanges to the SBA Express Loan programEstablishment of "Main Street Lending Program" for small and medium sized businessesEmployer Considerations in Response to the COVID-19 PandemicLayoffs, Furloughs, and Pay CutsPermanent vs. temporary layoffstermination letter requirements and health care continuation informationFurloughs involving a reduction in hours vs. a consecutive amount of unpaid leavePotential WARN triggers and violation of laws passed in response to COVID-19Pay cutsUnemployment benefitsOSHA Standards and Employee ConfidentialityGeneral duty to protect employeesWorkplace communicable illness and policiesMeasures to take after an employee tests positive for COVID-19Families First Coronavirus Relief ActUp to 80 hours of emergency paid leave to employees12 weeks of expanded paid Family and Medical Leave Act benefitsSmall business exception for employers with less than 50 employeesSimilar state law protections Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guardian and its subsidiaries do not issue or advice regarding SBA, EIDL or PPP loans. And make no representation as to the completeness, suitability, or quality of information provided thereof. No State or Government entity has approved, endorsed, or authorized this presentation. Contact the specific entity for complete details regarding individual eligibility for benefits. Christopher Kula, Marissa Mastroianni & Cole Schotz P.C. not affiliated with or endorsed by PAS, Guardian, or Certified Financial Services and opinions stated are their own.