Weathering COVID-19: How the CARES Act helps businesses maintain payroll
Updated: Jan 14
Businesses are experiencing significant revenue losses due to the COVID-19 pandemic and are weighing their options.
Many businesses struggle with how to weather the COVID-19 storm. Before laying off or furloughing your employees, consider maintaining payroll and applying for a loan under the new the Paycheck Protection Program, one of the largest sections of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The ideal solution is to offer your employees paid leave and thanks to the CARES Act, many businesses can qualify for an emergency loan that can be forgiven when used to maintain payroll through June.
Does your business qualify for the Paycheck Protection Program?
Businesses can get a loan without a personal guarantee or collateral as long as they were operational on February 15, 2020. Below are some of the types of businesses that may qualify:
Small businesses with fewer than 500 employees
Select types of businesses with fewer than 1,500 employees
501(c)(3) non-profits with fewer than 500 workers
Some 501(c)(19) veteran organizations.
Gig economy workers
To learn more about the The Paycheck Protection Program visit the US Chamber of Commerce.
ePerkz is the leading provider of severance automation solutions for HR, finance, and legal in the U.S. and abroad. Founded in 2017, ePerkz guides organizations of all sizes through the reduction in force (RIF) and furlough process smarter, faster and in compliance with employment laws. SAM has calculated and generated agreements for over $6M of severance benefits.