It's our goal to keep you informed during the Coronavirus (COVID-19) pandemic. That is why we've created the COVID-19 Resource center for Accounting, Payroll and other business needs. We will be updating this as laws change, updates are made, and new resources are available. We are in this together!
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4 new executive orders for Minnesota. One includes loans for small businesses of $2500 - $35,000. Up to 50% of the loan amount is forgivable.
Establish peacetime emergency loans for small businesses: This will see a forgivable loan program developed to award grants to nonprofit corporations that in turn will fund forgivable loans to small businesses.
The minimum loan is $2,500 and the maximum is $35,000, and under the terms of the program up to 50 percent of the loan can be forgiven if the DEED commissioner approves and the business remains operating in the community ”at substantially the same levels for two years following loan disbursement.”
On Tuesday, March 24, the Department of Labor (DOL) announced that the effective date of the leaves available through the Families First Coronavirus Response Act (FFCRA) will be April 1, 2020.
Based on the language in the bill, the effective date was widely believed to be April 2.
The DOL announced the effective date in a “Questions and Answers” document where it also provided answers to some common questions. Other than the April 1 effective date, the information is in line with what we have been advising. The DOL also released two Fact Sheets, both of which appear to contain the same information, but it’s possible they will each be updated in the future with information that is geared more toward employees or employers.
Questions and Answers
Fact Sheet for Employees
Fact Sheet for Employers
While the links above do not provide much new information, they are worth reviewing. We are still waiting on regulations from the DOL to answer many questions about how these leaves will be administered and how they will interact with other leaves. We will post updated information in the HR Support Center as soon as it is released.