Nicole Vullo

You may be worried about how this pandemic will affect the finances of your funeral home and what steps you should be taking to address the business impact of COVID-19. Foresight’s Dan Isard participating in a round table discussion sponsored by The International Order of the Golden Rule. This discussion provided information on what you need to know now so that you can make the best business decisions during this time of economic uncertainty. Listen to the recording below to hear about various topics including: Conserving cash during the COVID-19 pandemic (Hint: It has to do with the bills you usually pay) Prepare to borrow money, possibly through the SBA’s Economic Injury Disaster Loan Program Steps to take to protect your staff financially Getting the right messaging out to your families and community How the way you handle funeral services […]

The CARES Act Section 2301 creates a new employee retention credit (the Retention Credit) for wages paid from March 13, 2020 to December 31, 2020, by employers that are subject to closure or significant economic downturn due to COVID-19. The credit amount takes into account up to 50% of qualified wages, up to $10,000. Thus, the maximum Retention Credit amount is $5,000 per employee. The Retention Credit applies to: The employer’s share of Social Security tax under IRC Section 3111(a) (6.2% of wages) The portion of the employer’s and employee representative’s share of RRTA tax under IRC Sections 3211(a) and 3221(a) that corresponds to the 6.2% Social Security tax rate due Qualified wages for employers with 100 or fewer employees qualify for the entire credit. To be eligible for the Retention Credit an employer must carry on a trade or […]

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows taxpayers to defer paying the employer portion of Social Security taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022: Employers can defer payment for the employer portion of payroll taxes incurred between the date the CARES Act is enacted, March 27, 2020 through December 31, 2020. If deferred, the employer would instead pay 50% of this amount by December 31, 2021, and the remaining 50% by December 31, 2022.  The eligible payroll taxes are the employer’s portion of Social Security taxes (6.2%). Payroll taxes are shouldered by workers and employers: Each pays 6.2% toward Social Security and 1.45% toward Medicare. Employers are still on the hook for paying the 1.45% of wages that goes toward funding […]

The Department of Labor issued the Families First Coronavirus Act poster this morning. In general, this applies to all employees of private sector employers with fewer than 500 employees.  All covered employers must post this notice in a conspicuous place along with its other employment law posters.  If you do electronic posting of other employment posters, you may also post this poster electronically.  Covered employers must also provide the Notice to new hires. The DOL stated that the leave requirements are effective April 1, 2020. You can download and print the poster here.

The Small Business Administration issued revised guidance for small businesses seeking economic relief as a result of COVID-19 pandemic on March 12, 2020. Organizations who are suffering substantial economic harm from the pandemic can seek economic injury disaster relief loans (EIDLs) from the SBA for working capital. For more information and to learn more about the availability, terms, criteria, and submission process, please click here.