COVID-19 Business Resource Center

March 27, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

What you need to know about the new coronavirus Paid Leave Law

To ease the burden and assist small business owners and their employees during the COVID-19 pandemic, emergency legislation has been signed into law.  Here are some highlights of the new law.  Overview of the Law: The Families First Coronavirus Response Act (FFCRA) is effective as of April 1, 2020. It includes amendments to the current FMLA (Family and Medical Leave Act) and stipulates requirements for paid sick leave. Employers covered by the FFCRA Emergency Paid FMLA (Family and Medical Leave Act) and paid sick leave will be responsible for paying out the costs themselves and will be reimbursed through certain tax credits, which may not happen until 2021.  FMLA Provision: FMLA is calculated based on the number of hours the leave-taking employee would normally be scheduled to work. This cannot be less than two-thirds the employee’s regular rate of pay. The amount […]
March 26, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Updates to the Keeping Workers Paid and Employed Act

This is a limited summary of the parts of the Bill passed by the Senate last night that are most likely to affect you. – I anticipate that we will have significantly more clarity, possibly as early as tomorrow. Please excuse the layman’s terms as we attempt to simplify things here. To be eligible, a firm must have less than 500 employees and a business revenue cap of possibly $10MM. However, that amount is still unclear at this time. The first two bullets below are part of the Keeping Workers Paid and Employed Act that was passed by the US Senate on March 25, 2020. Existing SBA loans – The relief Bill provides for the payment of all principal and interest for a 6-month period. a. There is no need to apply. This payment program will be automatic for anyone […]
March 25, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Keeping Workers Paid and Employment Act

In the interest of sharing information from the pending Third Stimulus Bill – Coronavirus Aid, Relief , and Economic Security (“CARES” Act), we wanted to share some of the relevant developments that will affect the Funeral and Cemetery industry. Part of this plan includes the Keeping Workers Paid and Employment Act; this act will likely relevant to us all in the Funeral and Cemetery Industry. The plan would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis. This proposal would be retroactive to March 1, 2020, to help bring workers who may have already been laid off back onto payrolls. Small […]
March 25, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

COVID-19 Relief Act Signed by the President

President Trump has signed into law the Families First Coronavirus Response Act (H.R. 6201) despite objections from some lawmakers that the act doesn’t offer enough assistance and could hurt some small businesses by mandating paid sick and family leave. The act includes a wide range of provisions, including: Insurance coverage Reimbursement of diagnostic testing costs Expanded safeguards for economically disadvantaged individuals For more information on this topic, please click here.
March 25, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

COVID-19 Disrupts Financial Reporting

Global efforts to contain the spread of COVID-19, have significantly impacted many businesses and the global economy. While the situation is evolving rapidly, and the full impact is not yet known, the disruption caused by the coronavirus is affecting business and consumer activities worldwide–including disruption to major financial markets, supply chains, interruption of production, limited personnel, facility and store closures, and decreased demand from both business customers and consumers. The disruption and uncertainty caused by the coronavirus is far-reaching. These events will result in unique accounting, disclosure, and internal control considerations that should be carefully evaluated by entities and their stakeholders. A complete overview of these business disruptions. To view this information, please click here:
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