Breakdown of the CARES Act by Suisman Shapiro Attorneys-at-Law and Chelsea Groton Bank
On April 9, the Chamber welcomed attorneys Kristi Kelly, Theodore Heiser, and Raymond Barilbeault from Suisman Shapiro Attorneys-at-Law and Tony Joyce from Chelsea Groton Bank for an overview of the Coronavirus Aid, Relief and Economic Security (CARES) Act, an economic stimulus and assistance program enacted by the federal government on March 27, 2020.
The CARES ACT Presentation https://www.youtube.com/watch?v=TWqrj8AYv6M
Paid Family Leave
Clarification of the Families First Coronaviruse Response Act: Employer Paid Leave, passed March 18 and in effect April 1. The presentation offers a rundown of the paid sick leave provision which has many complexities (View presentation at 9:40)
- Unemployment Insurance. At the time of recording, the state had not yet received and enacted the federal guidelines. The Act expanded unemployment to include self-employed and independent workers and those who had previously exhausted benefits (17:15)
- Individual stimulus payments are discussed including advice regarding scams–the IRS will never contact you through email, telephone or social media (25:30)
- Individual 2020 Tax Credit (31:25)
- Distributions and Loans from Retirement Plans remove penalties from early distributions for coronavirus-related needs. Taxes still apply to these distributions. Loan amount increased to $100,000 (34:15)
Relief for CT Businesses (39:20)
- COVID-19 Business Response Program Line of Credit for women- and minority-owned businesses (40:45)
- Employee Retention Tax Credit for Employers may be used for businesses or nonprofits fully or partially closed with significant revenue loss due to COVID-19. It may not be used in conjunction with the Paycheck Protection Program. Immediate relief by adjusting tax payments or requesting advance payment (42:54)
- Emergency Economic Injury Disaster Loan (EIDLs) (46:45)
- Advance of up to $10,000 grant with application. Be sure to check the box!
- Working capital loan up to $2 million at low interest rates
- Paycheck Protection Program (50:00)
- Application made through local SBA-qualified lenders
- Presentation covers terms, eligibility and loan uses
- Lender advice on application process, relationship to EIDLs, and required documentation
The Chamber will host another webinar on April 14, 10-11 a.m. on Funding and Relief Programs with representatives from the Small Business Development Center and Local Lenders from People’s United Bank, Liberty Bank and Chelsea Groton Bank. Register now.