The Coronavirus Aid, Relief, and Economic Security (CARES) Act is best known for the stimulus checks that most Americans have received to help mitigate the economic effects of the COVID-19 epidemic. But within the legislation are several items that are important for employers and employees to know about, including workers who have been laid off.
The CARES Act includes several provisions about sick leave and family and medical leave. The following apply to companies with less than 500 employees and certain public employers, effective through December 31, 2020:
Expanded unemployment insurance is also provided by the CARES Act. This expansion takes three forms:
For employers, the CARES Act provides a Paycheck Protection Program (PPP) to help cover payroll and other costs. PPP loans are made by the Small Business Administration and turn into grants as long as a certain percentage of the money is used to retain employees. Employers can also get an Employee Retention Payroll Tax Credit for 50 percent of wages (up to $10,000 per employee) paid in each quarter during the pandemic.
The New York law firm of Maduegbuna Cooper LLP advises employees and employers on all COVID-19-related issues. If you have any questions about the CARES Act, our employment law attorneys are ready to answer them. Call 212-232-0155 or contact us online to schedule a free initial consultation.