It’s not easy running a business. In trying times, it becomes even harder. Disasters, pandemics, and other events can wreak havoc on your business. While property damage and other issues can be calculated, it’s difficult to measure the impact these events have on a key element of your business – your employees.
Difficult times can have a direct impact on your employees both professionally and personally. Supporting them during these times can help ease your employees’ situation, which can both resonate with your workforce and help improve productivity. Here are five steps you can take to make a difficult situation better for you and your employees.
With small businesses still feeling the impact of COVID-19, the New Jersey Economic Development Authority (NJEDA) is attempting to help employers ease their financial burden. Applications for the NJEDA Small Business Emergency Assistance Grant Program may be closed, but the organization still has several other initiatives available for Garden State employers. Here’s a breakdown of some various programs and loans that will be available as of May 18, 2020 or in the near future.
Overwhelming the Healthcare System: Making Dollars and Sense out of Chronic Illness and its Future Financial Impact on the U.S.May 7, 2020 8:00 AM
“Normalcy”, “Normality”, “Normal”; No more. I’ve never heard the verbal and written abuse of a seemingly, well, normal, word as much as the six-letter description of what is supposed to be over the past three months. For those of us familiar with the U.S. healthcare system, we’ve discarded the word “normal” from our vocabulary long ago.
As many of us anxiously await the “end” of the most recent global pandemic one common phrase has stood out among healthcare industry experts as the most detrimental aspect of the recent outbreak: “overwhelming the healthcare system.” In short, overwhelming the healthcare system can be illustrated by imagining the hospitals in our areas completely overrun with so many COVID diagnoses that it affects the ability for facilities to manage and effectively treat regular hospital patients (not spurred by the pandemic) resulting in worsened health outcomes for all. Luckily, we will avoid a blanketed overwhelming scenario in the U.S. due to this pandemic, but that doesn’t relieve the concern of a looming explosion of chronic illness that is likely to take a similar path within the American population.
In response to the economic impact of the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. Among many different types of loans and incentives, the CARES Act introduced tax relief for businesses in the form of payroll tax credits, enhanced net operating loss (NOL) deductions, and payroll tax deferment. However, the payroll tax deferral section of the CARES Act raised several questions for small and medium-sized businesses, especially those that received loans from the Paycheck Protection Program (PPP).
To help answer these questions, the IRS released guidance on April 10, 2020, regarding payroll tax deferrals. Here’s what business owners need to know when it comes to paying taxes on social security this year.
As the Coronavirus impacts businesses everywhere, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide some financial support during difficult times. The $2 trillion Coronavirus stimulus package contains a $349 billion lending program for small businesses, along with other means of relief.
For small business owners, this news provides a form of respite in a difficult time. Of course, now these employers may ask how these loans work and whether they can access them. Read on to find out if your business can apply for a loan and how they impact your operations.