BAY COUNTY, Fla. (WMBB) — As the coronavirus continues to spread nationwide, the federal government recently put new pieces of legislation into place. Both the Coronavirus Aid, Relief and Economic Security (CARES) Act and Families First Coronavirus Response Act (FFCRA) work to help those being affected by COVID-19.
The Coronavirus Aid, Relief and Economic Security Act includes a stimulus check that will give a $1,200 payment to those individuals who earn less than $75,000 a year or a $2,400 payment to couples who earn less that $150,000 a year. The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible.
Owner of Patches Pub, Vincent Greiner, says he is happy to see his employees receiving some extra income, now that they have moved to take-out services only.
“The stimulus package is going to be welcome relief,” Greiner said. “Since everything has started, we have done our best to keep as many employees gainfully employed as possible.”
The CARES Act also includes Paycheck Protection Loans and SBA Emergency Economic Injury Disaster Loans (EIDL).
Under the SBA Emergency Economic Disaster Loan, there is a $10,000 advance no requiring repayment that businesses can be paid within three days after the application is submitted. The loan may be approved based on credit score and tax returns are not required.
Under the Paycheck Protection Loans, the program is allowing some or all of the loan to be forgiven depending on how many employees the business keeps. A major goal of this program is to make sure employees stay employed so that businesses will be ready to bounce back.
“How much money can you borrow? It’s two and a half times the average monthly payroll cost of a business with a maximum of 10 million dollars,” said Hand Arendall Harrison Sale Attorney Nick Beninate.
The Families First Coronavirus Response Act will allow for emergency paid sick leave up to 10 days for a coronavirus related reason. it also can allow for up to 10 extra weeks paid leave if sick or caring for someone who is sick with the virus.
“We recommend looking at these issues individually to make sure that you are covered if you have any questions,” said Hand Arendall Harrison Sale Attorney Rob Jackson.” But this does not address self-isolating employees.”