How will businesses afford to pay workers on leave Under the New Coronavirus Law?

How will businesses afford to pay workers on leave Under the New Coronavirus Law?

Businesses and nonprofits will be reimbursed for the full amount within three months, in the form of a payroll tax credit.

The reimbursement will also cover the employer’s contribution to health insurance premiums during the leave. It’s fully refundable, which means that if the amount that employers pay workers who take leave is larger than what they owe in taxes, the government will send them a check for the remainder. (That goes for self-employed and gig economy workers, too.)

City’s like NYC are providing assistance & Guidance for businesses impacted due to novel coronavirus.

Mayor Bill de Blasio announced on March 8 that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit.

The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. Please check with your city and state for availability of assistance.