Virtual Town Hall: Answering Your Questions About FFCRA & the CARES Act-Virtual Town Hall: Answering Your Questions About FFCRA & the CARES Act

Virtual Town Hall: Answering Your Questions About FFCRA & the CARES Act

Video Transcription

Video Summary

In this virtual town hall, experts from Moss Adams and Fisher Phillips answer questions about the $2 trillion stimulus package and its impact on small businesses. Key topics covered include the Paycheck Protection Program (PPP), which offers loans to small businesses to cover payroll costs; the eligibility requirements for PPP loans, including the employee count and affiliates; the application process and the potential loan forgiveness; changes to family medical leave and sick leave policies; and the inclusion of health insurance premiums, taxes, and commissions in the calculation of payroll costs. The experts also address specific scenarios, such as the eligibility of employees with pre-existing conditions for emergency paid sick leave, and the treatment of rent and benefits in the forgiveness equation. They advise business owners to reach out to their banks for more information and guidance on applying for loans, and also recommend regularly checking for updates and additional guidance from the government. The experts emphasize the importance of acting fast, as funds under these programs are expected to run out.

Keywords

virtual town hall

stimulus package

small businesses

Paycheck Protection Program

PPP loans

eligibility requirements

loan forgiveness

sick leave policies

payroll costs

business owners