COVID-19 Business Resources
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The third relief legislation related to the COVID-19 pandemic, a $2 trillion stimulus package titled the Coronavirus Aid, Relief and Economic Security (CARES) Act (“CARES”) is just not in draft form. It still has to be officially approved and signed into law. We are currently reviewing summaries of the various sections. Once CARES is final, and proper analysis has been performed, we will provide summarized updates as they apply to our area. For the time being, we've put together some highlights.
If your business is formed as an S-Corporation or C-Corporation and you've been running payroll for yourself, know that if push comes to shove, you could collect unemployment if you are out of work. Yes. As an employee of your corporation, you have the same rights as any other employee.
Again, if you are an owner/employee of an S-Corporation or C-Corporation and work/live in a state that has Paid Family Leave benefits and have coverage in place, you could file for benefits if you are unable to work because you have to take care of a sick relative.
The House recently passed a bill that offers paid time off and expanded unemployment benefits, among other things. This bill still needs to be approved by the Senate, but it will likely pass. The benefits in this bill will not only support small businesses with employees, but also provides assistance to those who are part of the gig-economy. So if you are self-employed but not on payroll under your business, or don't have a formal business set-up, you would still be able to receive benefits.
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