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re: COVID-19 Emergency Sick and Family Leave: What Employers Need to Know
Posted on 3/19/20 at 9:33 am to TigerFred
Posted on 3/19/20 at 9:33 am to TigerFred
I wonder how many employers will loophole this by changing their PTO structure. Would be a bad look, but some businesses are going to have make some hard choices if a large portion of their workforce is infected.
0
Posted on 3/19/20 at 9:37 am to USEyourCURDS
quote:
Is there an official link to this?
updated OP to include link
Posted on 3/19/20 at 9:39 am to TH03
quote:
You fire your employees to save the company or you save the employees and frick your company.
It’s not like the employees can go somewhere else and find the same work. I would recommend letting them go and hiring them back when business is back up and running.
The unemployment rate will be so high people will be begging for their jobs back.
Posted on 3/19/20 at 9:46 am to Smoke7024
quote:
It's bullshite.
It helps me. I can pay myself and my employees basically for free.
Posted on 3/19/20 at 9:50 am to shawnlsu
Well good for you, but our company may have to pay several people with no way of generating income and will only be able to recoup fractions of that cost through a payroll credit to be recognized in 2nd quarter payroll filings.
Posted on 3/19/20 at 10:08 am to Smoke7024
The bill is going to give companies a refundable tax credit for 100% of this benefit provided. This will be paid through the employers SS tax. I'm not sure people are understanding this. If your employer is required to provide this benefit, it will be 100% reimbursed by the federal government.
Posted on 3/19/20 at 10:11 am to Spock
quote:
The bill is going to give companies a refundable tax credit for 100% of this benefit provided. This will be paid through the employers SS tax. I'm not sure people are understanding this. If your employer is required to provide this benefit, it will be 100% reimbursed by the federal government.
Note the bold. Issue for many is, as several above have noted, paying employees when no money is coming in. Waiting 2-4 months for reimbursement isn't going to help many small businesses.
Posted on 3/19/20 at 10:14 am to TheCurmudgeon
I agree with this.
Posted on 3/19/20 at 10:18 am to TheCurmudgeon
quote:
Note the bold. Issue for many is, as several above have noted, paying employees when no money is coming in. Waiting 2-4 months for reimbursement isn't going to help many small businesses.
Didn't this bill have something about SBA loans in it? Might be a bridge if a business gets hit hard with this, though I haven't read the specifics.
Posted on 3/19/20 at 10:20 am to GRTiger
Yea, but LA doesn't seem to be listed as an eligible disaster area yet.
Posted on 3/19/20 at 10:22 am to Spock
Hell, just with NOLA being in La, I would think that this state would stay on that list for a multitude of reasons.
Posted on 3/19/20 at 10:24 am to Spock
quote:
The bill is going to give companies a refundable tax credit for 100% of this benefit provided. This will be paid through the employers SS tax. I'm not sure people are understanding this. If your employer is required to provide this benefit, it will be 100% reimbursed by the federal government.
Rent, utilities, insurance, and all the other overhead is still due, but no income coming in. Meanwhile, companies are forced to pay employees while the company is shutdown, and in a couple of months, the company will get reimbursed for the payroll? LOL! There won't be a job to come back to for a shite ton of small business. If this illness isn't solved VERY quickly, massive unemployment, far beyond what we saw during the last recession, will be the norm.
You do know why companies smaller than 50 employees are excluded from FMLA right? This law turns that on it's head Exempted the large companies and punishes the small Mom & Pop businesses.
Posted on 3/19/20 at 10:26 am to GRTiger
quote:
Didn't this bill have something about SBA loans in it? Might be a bridge if a business gets hit hard with this, though I haven't read the specifics.
SBA loans are very hard to qualify for. You basically have to prove you don't need a loan, to get one.
Posted on 3/19/20 at 10:29 am to greygoose
Yes, I agree this is not an ultimate solution since it does nothing for companies lost revenue. I just wanted to point out that the government is not asking small businesses to provide this benefit for free.
Posted on 3/19/20 at 10:30 am to greygoose
You all seem to be assuming these companies are going to be paying this to every employee..short of a complete shutdown that's not going to happen, it's only paying people that are sick with the virus or those with sick family members. No way to know exactly how much that'll be but it won't be as big a burden as it sounds unless gubment instates a full shutdown.
Posted on 3/19/20 at 10:33 am to Hulkklogan
quote:
caring for a child whose school or daycare is closed due to COVID-19 precautions
This is the tough part and applies to a ton of people.
Posted on 3/19/20 at 10:38 am to Smoke7024
Ah I just have missed that. Yeah that is gonna be a lot of people
Posted on 3/19/20 at 10:44 am to Hulkklogan
quote:
, it's only paying people that are sick with the virus or those with sick family members.
no, also goes to employees who have kids with a closed school, so a huge number
Posted on 3/19/20 at 10:45 am to Hulkklogan
or Employees with children out of school, which is probably 90% of the workforce. That was the poison pill for most.
And getting reimbursed with a credit is fine, but the company will finance that for at least a few months.
If enough essential employees enact this, the business won't be open so it won't matter.
This is a government overreach for sure.
And getting reimbursed with a credit is fine, but the company will finance that for at least a few months.
If enough essential employees enact this, the business won't be open so it won't matter.
This is a government overreach for sure.
Posted on 3/19/20 at 10:56 am to Spock
quote:
Yes, I agree this is not an ultimate solution since it does nothing for companies lost revenue. I just wanted to point out that the government is not asking small businesses to provide this benefit for free.
Think about it like this. You are unemployed, no paycheck coming in. I ask you to loan me thousands of dollars, with the promise that I will pay you back in a few months. No interest loan. That is what small business is being told.
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