Laundry Services Employee Concerns
There are few avenues that laundry services homes can use to maintain financial independence during the pandemic. Many are very overwhelmed during this time, but there are still government programs to help.
Programs
Paycheck Protection Program (PPP) – provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency that may be forgiven in part or entirely
- Emergency Economic Injury Grant – provides a quick infusion of a small amount of cash within 3 days of applying for an SBA Economic Injury Disaster Loan
- Economic Injury Disaster Loans (EIDL) – provides lower interest loans of up to $2 million to pay for expenses that could have been met if not for the disaster
- Small Business Debt Relief Program – provides immediate relief to small businesses who currently have an SBA loan
Features of PPP
Forgiveness of up to 8 weeks of payroll-related costs based on employee retention and salary levels
- No SBA fees
- At least 6 months of loan payment deferral with max deferral of 1 year however interest will accrue from the date of loan disbursement
- Program is retroactive to 2/15/20 in order to bring back employees already laid off
- Loans available through 6/30/2020
- Small businesses and sole proprietorships can apply starting 4/3/2020
- Independent contractors and self-employed can apply starting 4/10/2020
Documents Required for Payroll Eligibility
- 2019 IRS 941 forms – all 4 quarters filed for 2019
- 2019 State Unemployment forms – all 4 quarters filed for 2019
- Payroll Register/Summary Report for 2019 by employee – must provide information to determine employees who make > $100,000
- Borrower’s 2019 Tax Return (if filed) or FYE 2019 P&L
- Provide healthcare employer-paid expenses if not included in payroll register
- Provide employer-paid retirement benefits if not included in payroll register
Free Consultation
If you or someone you love was negatively impacted by COVID-19, compensation may be available. Our attorneys are experienced with complex litigations. These claims could be complicated and problematic if you do not have the right team in place who are dedicated to fighting for your justice. Our consultations are free. Contact us today.
