• Sarah Rodehorst

Weathering COVID-19: How the CARES Act helps businesses maintain payroll

Businesses are experiencing significant revenue loss due to the COVID-19 pandemic, and many are weighing their options.

Many businesses struggle with how to weather the COVID-19 storm. Before laying off or furloughing your employees, consider maintaining payroll and applying for a loan under the new the Paycheck Protection Program, one of the largest sections of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The ideal solution is to offer your employees paid leave and, thanks to the CARES Act, many businesses can qualify for an emergency loan that can be forgiven when used to maintain payroll through June.

Does your business qualify for the Paycheck Protection Program?

Businesses can get a loan without a personal guarantee or collateral as long as they were operational on February 15, 2020. Below are some of the types of businesses that may qualify:

  • Small businesses with fewer than 500 employees

  • Select types of businesses with fewer than 1,500 employees

  • 501(c)(3) non-profits with fewer than 500 workers

  • Some 501(c)(19) veteran organizations

  • Self-employed

  • Sole proprietors

  • Freelancers

  • Gig economy workers

To learn more about the the Paycheck Protection Program, visit the U.S. Chamber of Commerce.

About Onwards HR Onwards HR helps organizations manage human capital risk. We empower businesses to conduct consistent and compliant separations using our analytics-driven management platform. Our five-step process leverages integrated workflows, decision support tools, and advanced analytics to improve efficiency, increase effectiveness, and minimize risk. The result is a streamlined separation process that creates a positive experience for employers and employees alike as they move onwards.