(Information Accurate as of March 23rd 2020)
Highlights:

Client Inquiry responses:

  • Employ­er Tax Cred­its (Sick Leave/Child Care Leave)-

Under guid­ance that will be this next week, eli­gi­ble employ­ers who pay qual­i­fy­ing sick or child-care leave will be able to retain an amount of the pay­roll tax­es equal to the amount of qual­i­fy­ing sick and child-care leave that they paid, rather than deposit them with the IRS.  The pay­roll tax­es that are avail­able for reten­tion include with­held fed­er­al income tax­es, the employ­ee share of Social Secu­ri­ty and Medicare tax­es and the employ­er share of Social Secu­ri­ty and Medicare tax­es with respect to all employ­ees.  If there are not suf­fi­cient pay­roll tax­es to cov­er the cost of qual­i­fied sick and child care leave paid, employ­ers will be able file a request for an accel­er­at­ed pay­ment from the IRS. The IRS expects to process these requests in two weeks or less.

  • Paid Sick Leave Cred­it- For an employ­ee who is unable to work because of Coro­n­avirus quar­an­tine or self-quar­an­tine or has Coro­n­avirus symp­toms and is seek­ing a med­ical diag­no­sis, eli­gi­ble employ­ers may receive a refund­able sick leave cred­it for sick leave at the employee’s reg­u­lar rate of pay, up to $511 per day and $5,110 in the aggre­gate, for a total of 10 days.
  • For an employ­ee who is car­ing for some­one with Coro­n­avirus, or is car­ing for a child because the child’s school or child care facil­i­ty is closed, or the child care provider is unavail­able due to the Coro­n­avirus, eli­gi­ble employ­ers may claim a cred­it for two-thirds of the employee’s reg­u­lar rate of pay, up to $200 per day and $2,000 in the aggre­gate, for up to 10 days.
  • Eli­gi­ble employ­ers are enti­tled to an addi­tion­al tax cred­it deter­mined based on costs to main­tain health insur­ance cov­er­age for the eli­gi­ble employ­ee dur­ing the leave peri­od.

Child Care Leave Cred­it

  • In addi­tion to the sick leave cred­it, for an employ­ee who is unable to work because of a need to care for a child whose school or child-care facil­i­ty is closed or whose child care provider is unavail­able due to the Coro­n­avirus, eli­gi­ble employ­ers may receive a refund­able child care leave cred­it. This cred­it is equal to two-thirds of the employee’s reg­u­lar pay, capped at $200 per day or $10,000 in the aggre­gate. Up to 10 weeks of qual­i­fy­ing leave can be count­ed towards the child-care leave cred­it.
  • Eli­gi­ble employ­ers are enti­tled to an addi­tion­al tax cred­it deter­mined based on costs to main­tain health insur­ance cov­er­age for the eli­gi­ble employ­ee dur­ing the leave peri­od.
  • Ohio Shared­Work Pro­gram: Shared­Work Ohio is a lay­off aver­sion pro­gram man­aged by the Ohio Depart­ment of Job and Fam­i­ly Ser­vices.  The pro­gram allows employ­ers to tem­porar­i­ly reduce the week­ly work hours for a unit of employ­ees in a uni­form man­ner dur­ing times of reduced busi­ness activ­i­ty.  Dur­ing the time that unit employ­ees work a reduced sched­ule, ODJFS pro­vides eli­gi­ble indi­vid­u­als in the unit with unem­ploy­ment ben­e­fits pro­por­tion­ate to their reduced hours.  For details click here!
  • Prop­er­ty Own­er mort­gage relief:
    The Fed­er­al Hous­ing Finance Agency announced that Fan­nie Mae and Fred­die Mac will offer mul­ti­fam­i­ly prop­er­ty own­ers mort­gage for­bear­ance with the con­di­tion that they sus­pend all evic­tions for renters unable to pay rent due to the impact of coro­n­avirus. The evic­tion sus­pen­sions are in place for the entire dura­tion of time that a prop­er­ty own­er remains in for­bear­ance.  The for­bear­ance is avail­able to all mul­ti­fam­i­ly prop­er­ties with an Enter­prise-backed per­form­ing mul­ti­fam­i­ly mort­gage neg­a­tive­ly affect­ed by the coro­n­avirus nation­al emer­gency.

 

Corporate-funded Small Business COVID-19 relief efforts:

Face­book

Face­book is invest­ing $100 mil­lion to help 30,000 eli­gi­ble small busi­ness­es in the over 30 coun­tries where Face­book oper­ates.  Details are lim­it­ed at this point, and appli­ca­tions are not yet open, but this is how Facebook’s grant pro­gram is expect­ed to help:

  • Keep­ing the business’s work­force going strong
  • Assis­tance with rent costs
  • Con­nect­ing busi­ness­es with more cus­tomers
  • Cov­er­ing oper­a­tional costs

Appli­ca­tions will be avail­able in the com­ing weeks.

 

JP Mor­gan Chase

Entre­pre­neurs of Col­or Fund, Ascend, and Com­mu­ni­ty Devel­op­ment Finan­cial Insti­tu­tion part­ners

Financ­ing type: Loans and inter­est-rate reduc­tions

Fund­ing Lim­it: TBD, total dona­tion is $8 mil­lion

Who it’s for: Under­served and under­rep­re­sent­ed entre­pre­neurs and small busi­ness­es in the US and glob­al­ly.

Web­site: impact.jpmorganchase.com

 

NKY Cham­ber Dai­ly Update: http://www.nkychamber.com/news/covid-19/