Reply to To anyone who owns a small business *under 10 employees how to handle?

Forum Index » Jobs and Careers

Reply to "To anyone who owns a small business *under 10 employees how to handle?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Our employees are all laid off. Our biz is an s- Corp and DH and I are w2 employees- we are also filing for UE.

Applied for the SBA emergency loan already.

[b]We will apply for the new payroll loan as well, but will DEFER it until we reopen, which is allowed. We will rehire employees at that time and still get the forgivable payroll $ for all who are hired back. 
[/b]
We are following advice from CEDR solutions. There is a great video on Facebook if you go to their page and join their (free) “hr base camp” group. [/quote]

The law text passed by the Senate requires a minimum deferment of 6 months and max of 12 months. Just an FYI.

Also, the part about forgiveness clearly spells out that it looks at your average monthly FT employees for the 8 week immediately after the "origination" of the loan. You'll want to ensure that the "origination" date can be delayed until after the deferrment period. Otherwise, your loan will not be forgiven. Be very careful and work closely with your lender on this to ensure you qualify for forgiveness. 
[/quote]

I agree, and we will. Our CPA and HR consultants are advising us. But the point is a business is definitely still eligible for this if employees are laid off when your business is closed. I think some are misinterpreting this aid as requiring them to make payroll during shutdown (instead of putting employees on UE) which isn’t the case. I’d hate for anyone to miss out on these benefits. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics