As we touched on in another blog article, The United States of America does not want small businesses to lay off their employees. The help we all need has nearly arrived in the form of the Keeping American Workers Employed and Paid Act.
Economic stability hinges on the ability of businesses to keep their employees versus laying them off and then hoping to rehire them and ramp back up as quickly as possible to pre-pandemic levels.
Holding as best we can – our teams, marketing, and level of service – is how we not only survive today, but put our businesses in a position to thrive on the other side of this.
WHAT THE ACT MEANS TO YOU
Helpful highlights from the pending legislation:
- 2.5x monthly payroll from last year (not including utilities or rent/mortgage)
- Applies to businesses with 500 or less employees
- Good faith self-certify you are using the funds for COVID-19 recovery
- Use funds for payroll, utilities or rent/mortgage WITH NO REPAYMENT REQUIRED
- If you use more funds, carry forward 10 years max with 4% max interest
- Soon you will be able to apply with your local bank; money will be distributed quickly, possibly within the next week or so