We have received a few updates and wanted to pass them on regarding the Paycheck Protection Plan applications:
Be application-ready for the Paycheck Protection Loan (PPL) by gathering the following information:
You can also view an FAQ published by the U.S. Senate here.
Visit the SBA Coronavirus Relief Options webpage for more information and applicable forms.
This loan is calculated using 2.5x the monthly average of your annual payroll
View this article on LinkedIn
The Pandemic Unemployment Assistance (PUA) program - PUA will provide up to 39 weeks of benefits to self-employed workers, 1099 tax filers and some other individuals who previously were not eligible for unemployment benefits. The benefit amount will be similar to traditional unemployment benefits, plus an additional $600 per week. The program's effective date is Jan. 27 through Dec. 31.
The Federal Pandemic Unemployment Compensation (FPUC) program - FPUC will provide an additional $600 per week to existing benefit amounts for those in both the "regular" unemployment program and the PUA program. The average unemployment benefit in Ohio is currently about $380 a week. The FPUC program began on March 29; benefits will be retroactive to that date.
The Pandemic Emergency Unemployment Compensation (PEUC) program - PEUC will provide up to 13 weeks of additional benefits for Ohioans who exhaust their maximum 26 weeks of unemployment benefits. This program also began on March 29.
For those of you that need guidance regarding employee issues and layoffs or furloughs, here is the website to assist you in determining how you have to handle the employees should they have a required quarantine or other scenarios. The Q & A is directly from the Department of Labor website and is authoritative as it gets: