Sources pg 3 3-26-20

The Northeast Connecticut Chamber of Commerce listed Coronavirus-related business help.
March 23  the U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act.
The act helps businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their payhecks and the public health measures needed to combat the virus.
Key Takeaways:  Paid Sick Leave for Workers: For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employees’ children’s schools are closed or child care providers are unavailable; Complete Coverage: Employers receive 100% reimbursement for paid leave pursuant to the act; Health Insurance costs are also included in the credit; Employers face no payroll tax liability; Self-employed individuals receive an equivalent credit; Fast Funds: Reimbursement will be quick and easy to obtain; An immediate dollar-for-dollar tax offset against payroll taxes will be provided; Where a refund is owed, the IRS will send the refund as quickly as possible; Small Business Protection: Employers with fewer than 50 employees are eligible or an exemption from the requirements to provide leave to care for a child whose school is closed or child care is unavailable in cases where the viability of the business is threatened.
Easing Compliance: Requirements subject to 30-day non-enforcement period for good faith compliance efforts; To take immediate advantage of the paid leave credits, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form that will be released next week.  
For more information:
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Connecticut small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). “Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.”  For help with a loan application, call the SBA dIsaster assistance customer service center at 1-800-659-2955.


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