COVID-19 Related Paid Leave Programs

Apr 17, 2020 | Uncategorized

“In the end, money should serve something greater than just money. It should serve you, your family, the people you want to touch.” -Tony Robbins

Every day we are gaining new information about the impact of Covid-19 and how financial support will be provided for businesses. While over 6.6 million Americans have filed for unemployment, the government has been working towards implementing paid leave programs for employees and tax credits for small businesses.

Recently, new Acts have been signed off to help American businesses with funding. Many small businesses are now eligible for loans and forgiveness during this difficult time. It is important to keep in mind that the amount forgiven may be subject to certain limitations and reductions in certain circumstances; for example, if you have reductions in the number of employees or employee compensation, and only 25% of the forgiven amount may be for non-payroll purposes.

Business owners may request forgiveness of some or all of the principal balance of the loan. Forgiveness is only available if you use the funds for certain purposes as permitted by the Small Business Association (SBA). If you request forgiveness, you must provide documentation, and must certify, that the loan funds were used for SBA-qualifying purposes.

Some of the Covid-19 related paid leave program plans being implemented that you may be eligible for, are as follows:

During this very uncertain time many questions are being asked and procedures are changing so rapidly. At ERPS Group, we are here to keep you updated as we continue through this together. We will walk you through every stage of the process and help you to apply. If you have any questions or want to learn more about the current situation at hand. Contact us today at (347) 462-2778 and you can set up a time to speak
with one of our financial experts.

ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

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