ISRI has been monitoring the spread of COVID19 and its impacts on national and world events for nearly two months with one key factor in mind: the health and safety of our members, meeting attendees, exhibitors, and staff.
Available information on common issues employers and employees face when responding to COVID-19, and its effects on wages and hours worked under the Fair Labor Standards Act (FLSA), job-protected leave under the Family and Medical Leave Act (FMLA), and paid sick leave and expanded family and medical leave under the Families First Coronavirus Response Act (FFCRA).
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms are the same for everyone. Loan amounts will be forgiven as long as the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and employee and compensation levels are maintained.
On Friday, March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) economic rescue package. This third stimulus package, worth $2 trillion, introduces a host of provisions for healthcare, small businesses, and larger businesses (above 500 employees) including but not limited to certain travel-related businesses, such as hotels and airlines.
This document compiles available information on state financial aid responses, changes to unemployment requirements for employers and employees, tax filing changes, and other actions implemented to help local businesses weather the outbreak.