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[quote=Anonymous]Lay off now to conserve cash. You can rehire right after you apply for a loan via the Paycheck Protection Act.

https://www.barrons.com/articles/what-the-cares-act-for-coronavirus-will-bring-to-small-businesses-51585255311

The article is a bit misleading. To get the loan forgiven, your number of full time employees in the 8 weeks after the loan is originated needs to be same or greater as full time employees before the crisis.

This incentivizes you to lay them off now so they can get unemployment, but then rehire them as soon as your loan is approved.

You can read the details of the loan program here (start at page 9 of PDF, see page 41 for loan forgiveness requirements): https://www.documentcloud.org/documents/6819239-FINAL-FINAL-CARES-ACT.html

See page 66, where it describes Emergency EDIL grants for small businesses. This gives you access to a $10K grant within 3 days of applying to the SBA.

Please note - it will likely take weeks for this stuff to get setup. That's why its important for you to layoff now and conserve cash. It's also in the employees' best interest for you to save cash and then rehire. Be honest with your employees as to your plans so they know WHY you're laying off and how you have every intention to rehire them ASAP. [/quote]

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