RESOURCES FOR EMPLOYERS
Unemployment Assistance- Gov. Beshear is taking steps to waive the waiting period for unemployment for those who are losing their jobs because of COVID-19 and issued the executive order Monday afternoon with specific details which include:
Kentuckians who temporarily lose their jobs or are quarantined because of COVID-19 will be eligible for unemployment insurance (UI) benefits. In addition, the seven-day waiting period to receive UI benefits will be waived during the state of emergency.
According to the Kentucky Office of Unemployment Insurance in the Kentucky Education and Workforce Development Cabinet, the following policy has been activated:
· Individual is laid off and files initial claim application to request UI benefits.
· After claimant files and requests payment, UI staff conduct eligibility review and process benefit request concurrently.
· If approved, initial payment is authorized for 14 days of benefits.
· Claimant may request benefits every two weeks. This process may continue for a maximum of 26 total weeks or until the claimant obtains employment or returns to work.
· The weekly benefit amount is based on the worker’s past wages.
· The maximum weekly benefit amount is $552.
SBA Disaster Assistance Loans- As part of its disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus.
These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years.
· As of March 23, businesses in every state plus American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands can apply.
· You can use the loan to cover accounts payable, debts, payroll and other bills the coronavirus has affected your ability to pay.
How to Apply
· Apply online and select “Economic Injury” as the reason you’re seeking assistance.
· You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
· Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.
Looking for work?- These companies are currently hiring.
Federal Income Tax Filing and Payment Deadline Extension
The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
Check with the KY Department of Revenue to find out if your business has more time to file or more time to pay state and local taxes this year as a result of the coronavirus. Several states have already aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late tax payments.
Federal Agency Actions and Resources
American Farmland Trust- Farmer Relief Fund- American Farmland Trust is excited to announce that the application for AFT’s Farmer Relief Fund is now live!
AFT will award farmers with cash grants of up to $1,000 each to help them weather the current storm of market disruptions caused by the coronavirus crisis.
Eligible applicants include any small and mid-size direct-market producers. These are defined as producers with annual gross revenue of between $10,000 and $1 million from sales at farmers markets and/or direct sales to restaurants, caterers, schools, stores, or makers who use farm products as inputs.
The application (available in both English and Spanish) is easy to complete but will require applicants to include sufficient detail to ensure AFT is awarding producers that have the greatest needs. Applicants will be asked to estimate their financial loss.
The initial application period goes until April 23, with grants beginning to be made by May 1.
Treasury and IRS Release FAQs to Help Small and Midsize Businesses Navigate Paid Sick and Family Leave Tax Credits
The U.S. Department of the Treasury and the Internal Revenue Service are offering small and mid-size employers more information on refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing their employees paid sick and family leave wages related to COVID-19.
The Families First Coronavirus Response Act (FFCRA), signed by President Trump on March 18, 2020, gives businesses with fewer than 500 employees funds to provide employees with paid sick leave and family and medical leave related to COVID-19.
Eligible employers can receive a credit in the full amount of the qualified sick leave and family leave wages paid for between April 1, 2020, and December 31, 2020.
Employers can be reimbursed immediately by reducing their federal employment tax deposits. If there are insufficient federal employment taxes to cover the amount of the credits, employers may request an accelerated payment from the IRS.
Latest on Coronavirus Tax Relief – IRS.gov/Coronavirus
Individual Rebate FAQs