As was widely reported, today the President will sign the CARES Act. This unprecedented economic relief act provides help for individuals and businesses on a number of fronts, including emergency lending for businesses, which is the focus of this update.
As part of the $2 trillion pandemic stimulus Coronavirus Aid, Relief and Economic Security Act (CARES Act) expected to be passed and signed in to law today, there are loan opportunities for “mid-sized” businesses and not for profit organizations with between 500 and 10,000 employees.
The Families First Coronavirus Response Act creates paid sick leave and paid family medical leave for private sector employers of less than 500 employees for qualifying events. We are updating our previous guidance about these laws to bring you the most current information as the federal agencies involved in implementation issue their own guidance.
We provided updates throughout the week regarding the key elements of the Families First Coronavirus Response Act signed into law on March 18, 2020. Although the effective date of the law is April 2, 2020, the law authorizes the Secretary of the Treasury to allow earlier access to the tax credits.
The Families First Coronavirus Response Act has been enacted and signed into law and will be effective no later than April 2, 2020. Congress failed to explain what “no later than” means in this context, though the Secretary of the Treasury is authorized to select the date on which the tax credits shall begin. This is an updated e-alert from the one we issued last night.
Effective March 18, 2020, at 6:00 pm, Maine Governor Mills took further steps to respond to COVID-19 and protect the health and safety of Maine people. While all restaurants and bars remain closed to dine-in service until March 31, 2020, on-premise licensees, such as restaurants and bars among others, who offer carry-out, delivery, and/or drive thru food service are temporarily permitted to also sell and deliver beer and wine in the original manufacturers’ sealed containers.
Late Friday night, the United States House of Representatives overwhelmingly passed the Families First Coronavirus Response Act. The Senate is expected to take up this legislation on Monday.
As the number of reported cases of the Coronavirus (2019-nCoV) continue to rise, travelers are on high alert. The World Health Organization (the WHO) has declared the outbreak a public health emergency of international concern.
Starting next year, the minimum salary requirement for employees classified as salaried exempt under the executive and administrative white collar minimum wage and overtime exemptions will be $684.00 per week, or $35,568 per year.