Our team has worked diligently to assist clients with the impacts of COVID-19 on their businesses. From assistance with government (SBA) relief loans to tax information and handling of employment as it relates to the current environment, we continue to send updates and provide the information online for 24/7 reference.
COVID–19 MANAGEPOINT HOURS OF OPERATION AND VISITATION
Managepoint is fully operational and our hours remain 8 a.m. to 5 p.m. Monday – Friday. Though we are limiting access to visitors, if you or your employees need to pick up or drop off anything at our office, please call ahead or ring the doorbell and we will meet you in the vestibule. We are trying to limit the amount of people in our office so that we can get through this crisis as quickly as possible.
MANAGEPOINT WILL CONTINUE TO PROVIDE IMPORTANT UPDATES TO RESOURCES FOR BUSINESSES DURING THE COVID-19 PANDEMIC
The CARES act – UPDATED INFORMATION
In our last update we provided the information below, Click here for some additional info that you may find useful in determining the best path for your business…
As part of the CARES act passed on 3-27-20, this new loan program is available to small business of less than 500 employees. There are a few situations that may qualify based on your industry and worksite locations.
– This is different than the normal SBA loan and can be fully or partially forgiven. The program is to encourage employers to continue to pay or re-hire employees.
– The loan amount is basically 2.5 times your monthly payroll then must be used for qualified expenses, payroll cost, interest on mortgages, rent and utility payments, within 8 weeks after the loan closes.
– Additionally, there is no collateral or owner guarantee required.
– The loan may be forgiven or partially forgiven if you meet certain requirements.
Managepoint can provide all payroll and benefit related documentation needed. We encourage you to contact your bank to get this process started.
DEPARTMENT OF LABOR FAQ
For the latest updates through FAQs from the U.S. Department of Labor on the Families First Coronavirus Response Act, Click here…
DEPARTMENT OF LABOR POSTING
The DOL has released a new poster that needs to be displayed with other required posters by April 1, 2020. It addresses the paid leave entitlements covered under the FFCRA. View and download the poster here…
The Families First Coronavirus Response Act (FFCRA) was enacted 3/18/20 requiring employers to pay certain wages to employees affected by COVID-19. There is a tax credit for these wages and the IRS has published details. Click here to see details from IRS…
The credit will be taken on the Employers 941 each quarter. If there is not enough EMPLOYER tax the employer can apply for an accelerated payment from the IRS.
ADDITIONAL RESOURCES AND REFERENCES
CONCERNING CHANGES IN DAY-TO-DAY OPERATIONS AT YOUR BUSINESS
If you are considering any change in day to day operations for your business please contact the HR Department by clicking here and they can discuss the options that are available. Whether a two-week shutdown, temporarily layoffs, to pay or not to pay your employees, there are many considerations that need to be factored in. In addition, separate from the before mentioned scenarios; if you need assistance with applying the Emergency Paid Sick Leave or paid FMLA options please contact us. These paid options are not available for employees during a temporary shutdown. These were put in place for COVID -19 absences (14-day quarantine, caring for children out of school – more info below in summary of Families First Coronavirus (COVID-19) Response Act.