Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program and Loan Forgiveness

On March 27, 2020, the bipartisan legislation, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, was signed into law and became the third aid package from Congress in the month of March to address the growing pandemic. Section 1102 of the CARES Act created a new loan product within the Small Business Administration’s 7(a) Loan Program known as the Paycheck Protection Program as discussed below. 

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Updated March 30, 2020 - CARES Act EIDL Loans and Emergency Grants

CARES Act EIDL Loans and Emergency Grants

Under the approved CARES Act, many small businesses are now able to obtain Section 7(a) SBA loans under the Paycheck Protection Program (which also allows for loan forgiveness). The regulations for the new Paycheck Protection Program Act may take time to implement and borrowers who have an extremely limited headcount may not be qualified. If you do not have time to wait for the Paycheck Protection Program Act to be implemented and have fewer salaried employees, you may want to consider filing for an Economic Injury Disaster Loan (EIDL). 

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Shutdowns and Child Care Centers

In the last 24 hours, we have seen three shutdown orders, only two of which affect Georgia child care centers. Under Mayor Bottom’s order, Atlanta residents are confined to their homes, but the order specifically exempts child care centers as essential businesses.  The mayor of Savannah’s order exempts child care centers providing services to employees of other exempt businesses and has several restrictions.  

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Covid-19 and Employee Privacy

The Covid -19 pandemic has brought into focus issues relating to workplace health and safety and their interplay with employee privacy. An employer is required to maintain a safe workplace pursuant to the Occupational Safety and Health Act (“OSH Act”).

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How the Families First Coronavirus Response Act Could Impact Employers

On March 13, 2020, House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, acting on behalf of the White House, reached a deal for a coronavirus economic relief deal, and the House passed it that evening. H.R. 6201, named the "Families First Coronavirus Response Act" could affect employers with less than 500 employees in a number of ways, including requiring paid FMLA and sick leave. (Employers with 500 or more employees will not be affected.)

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