combsandco


Stay Safe – Understanding the Symptoms of Covid-19

Just some quick information on symptoms of Covid-19 and what to do if you think you may be infected.



How CARES Act Impacts Employer Health Plans

Curious how the CARES Act will impact Employer Health Plans? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) into law to provide $2.2 trillion in federal funding to address the COVID-19 crisis. The CARES Act makes a variety of changes affecting health plans. These changes include:

1. Expanding the types of coronavirus testing that all health plans and health insurance issuers must cover without cost-sharing (such as deductibles, copayments or coinsurance) or prior authorization

2. Accelerating the process that will require health plans and issuers to cover preventive services and vaccines related to COVID-19

3. Allowing telehealth and other remote care services to be covered under a high deductible health plan (HDHP) before the deductible is met, without affecting the HDHP’s compatibility with health savings accounts (HSAs) (applicable for HDHP plan years beginning on or before Dec. 31, 2021)

4. Treating over-the-counter (OTC) medications, along with menstrual care products, as qualified medical expenses that may be paid for using HSAs or other tax-advantaged arrangements, such as health flexible spending accounts (FSAs) or health reimbursement arrangements (HRAs)



4 Ways to Keep Health Coverage

Here are 4 quick ways to keep your health insurance coverage by our Combs & Company friend, Chelsea Whalley of J Donovan Financial.

This is for employees who have lost coverage through an Employer Sponsored Plan.

1) COBRA- Contact your Benefits Administrator. Remember, there is no employer contribution so this is an expensive option.

2) Spouse Plan- This Qualifying Life Event (loss of coverage) creates a window of opportunity to join your spouse’s health plan. Contact your spouse’s Benefits Administrator for pricing.

3) Medicaid- A severe loss of income may qualify you for Medicaid at http://www.medicaid.gov

4) Healthcare.gov – The QLE allows you 60 days to enroll in an individual plan on the marketplace.



Paycheck Protection Program Forgivability Explained

Looking for an easy digestible explanation for how the Paycheck Protection Program (PPP) works? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.

PAYCHECK PROTECTION PROGRAM
  • Total Loan Value: Lesser of 10 million or 2.5x the average monthly total payroll incurred in the one year period prior to the loan start date.
  • Forgivable Portion: 8 weeks from the loan start date used for payroll, interest on mortgage, rent and utilities. At least 75% to payroll.
  • Main Point: The FORGIVABLE portion of the loan is tied DIRECTLY to Employees being paid- if you decrease wages or terminate, the forgivability is threatened.
  • *This loan is designed specifically to connect employees back to their employers.
  • * Loan Application: https://home.treasury.gov/system/file…
  • Find Approved Lenders: https://www.sba.gov/funding-programs/…

 

 



New York Tough
April 6, 2020, 8:21 am
Filed under: Combs & Company, Covid-19, Motivational | Tags: , , ,

Hey Guys—

Know it’s rough for us here in NY, but we got this.  It’s a new week and we got this.  Don’t forget that we are New York Tough!

– Combs Crew

Credit: 



Small Business Exemptions for Paid Sick Leave Explained
Looking for an easy digestible explanation of the exemptions for companies under Paid Sick Leave? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
DOL Clarifies Exemptions to Coronavirus Paid Sick Leave Laws
– Less than 50 employees
– Leave is requested because the child’s school or place of care is closed due to COVID-19 related reasons
– An authorized officer of business has determined that at least one of the 3 conditions described below have been met:
1) The provision would result in small business’s expenses and financial obligations to exceed available business revenue and cause business to cease operating at minimal capacity
2) The employee requesting leave has a specific set of skills and knowledge that without it, the business’s financial and operational health is severely threatened
3) There are not sufficient workers who are able, willing and qualified to perform duties of person requesting leave and this would not allow business to operate at minimal capacity.
DOL is encouraging employers and employees to work together to find a solution during this time that allows the business to be maintained as well as the safety of employees.

 

 

 



New Jersey Specific Loans/Grants for Small Businesses

COVID-19 RESOURCES FOR NEW JERSEY SMALL BUSINESSES

Thanks to our good friend, Michael Futterman, Partner at McCusker, Anselmi, Rosen & Carvelli, P.C.* for the below helpful information for our Jersey clients and friends!

New Jersey’s Economic Development Authority recently approved a $40M program which will provide grants and loans or guarantee private bank loans to small businesses affected by the coronavirus pandemic. The EDA package includes a half dozen programs for New-Jersey based businesses including the following:

  1. The smallest businesses, those 10 or fewer full-time equivalent employees, can receive grants between $1,000 and $5,000. The grants specifically target companies in retail, personal-care, entertainment, recreation, accommodation, food service, laundry and repair services. In order to receive money, businesses will have to attest that they need this money to tide them over and won’t cut any employees or will make every effort to rehire laid off or furloughed staff.
  2. The EDA also has set aside $10 million to make loans up to $100,000 each to mid-sized businesses with less than $5 million in annual revenues to help them meet payroll. The 10-year loans would have zero interest for the first five years and the interest rate would be capped at 3 percent for the second half of the loan.
  3. Two more programs, $15 million in total, will be run through community development financial institutions to make available low-interest loans to small businesses that may not be able to tap into traditional bank borrowing. The NJ Entrepreneur Support Program targets start-ups with less than $5 million in revenue and fewer than 25 employees by providing 80 percent loan guarantees to entrepreneurs.

The $5 million in small business grants will open for applications at 9 a.m. TODAY. Other programs will be out in the coming weeks.  Application window opens TODAY at 9am, application here, https://www.njeda.com/pdfs/NJEDA_COVID-19_Economic-Response-Package-Initial-W.

*Attorney Advertising: The foregoing is a summary of the laws discussed above for the purpose of providing a general overview of these laws. These materials are not meant, nor should they be construed, to provide information that is specific to any law(s). The above is not legal advice and you should consult with counsel concerning the applicability of any law to your particular situation.



Staying Healthy During the Covid-19 Pandemic

Just some quick tips to stay healthy during the Covid-19 Pandemic!



Federal Loan Forgiveness CARES Act

Curious how the forgivable loans work under the CARES Act?  Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.

Coronavirus Aid and Relief Economic Security Act
Emergency grants: The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.
The application process ends on June 30th (“The Covered Period”)
Forgivable loans: There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
Relief for existing loans: There is $17 billion to cover six months of payments for small businesses already using SBA loans.


Federal Payroll Tax Credits for Paying Sick Leave

Check out this great video from colleague, Chelsea Whalley of J Donovan Financial. Chelsea explains how eligible employer tax credits will fully reimburse employers for all qualifying sick and child-care leave payments mandated under the Families First Coronavirus Response Act by REDUCING PAYROLL TAXES owed to the IRS.

*Employers will be entitled to an ADDITIONAL CREDIT for the cost of MAINTAINING HEALTH INSURANCE COVERAGE!*

– Employers will be able to file for accelerated payments to refund employers for qualifying leave payments in excess of federal payroll taxes owed.

– Small businesses will be eligible for an exemption to the mandated sick and leave payments if they demonstrate that payment of child-care leave under the Act threatens the viability of their business.

– Enforcement actions will be delayed by thirty days for employers that act reasonably and in good faith to comply with the Act.

*Note: Information is changing daily, please check with Dept of Labor and/or an employment attorney for exact information*