Like many of you, our firm is a small business and we are adjusting to stop the spread of the COVID-19 virus. This includes employees adjusting to working from home, reduced staff on-site, and only allowing new clients or clients with appointments to enter our office.
So how do you adjust to employees working from home? One of our clients has written a helpful article.
With reduced cash flow, what about short-term financing? The currently pending Coronavirus Aid, Relief and Economic Security (CARES) Act provides for Small Business Interruption Loans. The proposed act would permit small businesses to take out loans of up to $10 million and cover employees making up to $100,000 per year — and the loans will be forgiven if the business does not lay off its employees (or the business repays a percentage in the event of layoffs). To be eligible, a firm must maintain an average monthly number of employees during the covered period that is no less than the number it had before the crisis began. Firms that have laid off employees may qualify for forgiveness if employees are rehired by 1 April 2020. The Act would also provide certain tax benefits. This bill is pending and awaits final passage, so it will be important to see what the final language says.
What about temporary layoffs? Our employment lawyers can help you navigate and prepare the proper notices and documents to ensure you comply with applicable statutes and regulations including the federal Worker Adjustment Retraining and Notification.
What about unemployment compensation, child care, and transition assistance to employees affected by layoffs or suspensions? Utah Workforce Services can help.
In sum, even in a crisis, there are always options. Let us help you explore these options. We’ve been through crises before, and we can weather this one together!
If you still have questions, contact us for a free consultation with one of our Employment Law partners or associates.
Fillmore Spencer partner Barney Madsen has been an employment, business counsel, and trademark attorney since 1998. He has helped dozens of Utah Valley’s leading companies develop and protect their corporate brands through federal trademark registration.