It might seem like a distant memory but only a couple of months ago employers were scrambling to try to find qualified hires for their businesses. Now employers are trying to find ways to avoid having to lay those same employees off potentially losing them in the process. It is expensive to find, hire and train employees and employers are understandably concerned about losing those employees after a layoff or furlough.
Everyone knows that as difficult as this situation currently is, it is also a temporary situation that will resolve one way or another in the next few months or year. Small businesses as well as the Federal and State governments have a vested interest in maintaining operations and payroll throughout this temporary situation. As a result, the CARES Act was recently passed and signed into law offering small businesses extensive help in doing just that in the form of forgivable loans. We wanted to give you some of the basic information on this valuable program so that you could assess your personnel needs both now and in the future.
The document HERE outlines the basics of this program and eligibility criteria. If you are interested in availing yourselves of this valuable loan program you should contact your local SBA lender (probably your regular bank) as soon as possible to start the process. We wish you all the best and want you to know that we are here to assist you in any way that we possibly can (remotely of course). This resources is available on the WDA Coronavirus Portal.