March 27, 2020 in COVID-19 Updates

Paycheck support will protect businesses and their workers.

In response to the Coronavirus (COVID-19) pandemic in the U.S, a proposed stimulus package would also include provisions for immediate paycheck support for millions of Americans.

In the final stages of negotiations, the estimated $500 billion rescue fund would be provided for small businesses across many industries in order to help them continue to make payroll. 

Additionally, companies with 500 or fewer employees could each take out up to $10 million in forgivable small business loans to assist in keeping workers employed and paychecks flowing. The new program would provide eight weeks of assistance through federally-guaranteed loans, qualifying certain employers who maintain payroll. If these employers adhere to the guidelines, other costs like mortgage interest, rent, and utilities would also be forgiven.

Furthermore, businesses would see a tax credit for keeping idled workers on their payrolls during the coronavirus pandemic, as long as these businesses meet certain criteria. They would likely receive a refund for half of what they spend on wages – up to $5,000 per worker.

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