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Federal Loan Forgiveness CARES Act
April 2, 2020, 2:05 pm
Filed under: Combs & Company, Covid-19, Disaster Relief, Families First Coronavirus Response Act, FFCRA, Health Insurance, Important Notice, Insurance 101, Paid Family Leave, Susan L Combs, Vlog, Women in Insurance | Tags: , , , , , , , ,

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.
Copy of the Act: https://www.congress.gov/bill/116th-c…
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Federal Payroll Tax Credits for Paying Sick Leave
April 1, 2020, 1:58 pm
Filed under: Combs & Company Blog, Covid-19, Disaster Relief, Families First Coronavirus Response Act, FFCRA, FMLA, Insurance 101, Insurance Women, Susan L Combs, Women in Insurance | Tags: , , , , , , ,

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*

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Emergency Paid Sick Leave Explained
March 31, 2020, 1:12 pm
Filed under: Combs & Company Blog, Covid-19, Disaster Relief, Families First Coronavirus Response Act, FFCRA, FMLA, Health Insurance, Important Notice, Insurance 101, Insurance Education, WIFS, Women in Insurance | Tags: , , , , , ,

Looking for an easy digestible explanation of how the Emergency Paid Sick Leave works for companies under 500 employees?  Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.

– Effective April 2nd 2020 for groups UNDER 500 EMPLOYEES

*A business closure does NOT warrant Paid Sick Leave!*

– All employees are eligible, regardless of tenure
– Differences between Full Time & Part Time Employees
– Full Time: 80 hours of fully compensated time off
– Part Time: Entitled to the Average number of hours worked over 2 weeks

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FMLA Expansion for Covid-19 Explained
March 30, 2020, 1:43 pm
Filed under: Combs & Company, Combs & Company Blog, Covid-19, Families First Coronavirus Response Act, FMLA, Important Notice, Insurance Women, Vlog, Women in Insurance | Tags: , , , , ,

Curious how the expansion of FMLA will affect you or your business?  Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.

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Families First Coronavirus Response Act Simple Flow Chart
March 30, 2020, 10:02 am
Filed under: Combs & Company, Combs & Company Blog, Covid-19, Disaster Relief, Employer Requirement, Families First Coronavirus Response Act, FFCRA, FMLA, Health Insurance, Important Notice, Susan L Combs, Women in Insurance | Tags: , , , , ,

Family_PortraitWe’ve been receiving many questions regarding the Emergency FMLA and Emergency Paid Sick Leave Provisions of the Families First Coronavirus Response Act. To help you and your clients understand this new law one of our industry partners, Professional Group Plans, has put together a simple flow chart that makes it easy to determine who qualifies and the benefit required for each provision.

Families First Coronavirus Response Act Simple Flow Chart

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