Self-employed and Independent Contractor Guide to the CARES Act

chamber guideIf you are an independent contractor or self-employed, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic. While the PPP and EIDL programs are currently out of money, Congress is actively working to provide additional funds. This great guide to the CARES Act for Self-employed and Independent Contractors from the US Chamber of Commerce will ensure you have the information you need to take advantage of these federal programs.

Webinar: How State and Federal Legislation Can Help Your Business

FromTheDome

Both the federal government and Minnesota Legislature have recently passed legislation that will speed critical funds to Minnesota businesses and families. With new legislation comes questions on what the changes mean for Minnesota businesses. The Minnesota Chamber of Commerce recorded a webinar to answer your questions on both the state and federal COVID-19 relief packages. Patrick Baker on the GMG team is also well-versed in these new state/federal programs and is happy to walk any business through them. You can contact him at 507-385-6657 or pbaker@greatermankato.com Continue reading “Webinar: How State and Federal Legislation Can Help Your Business”

UPDATED: Paycheck Protection Program

FromTheDomeOn March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This bill will provides significant support to businesses. The signature piece of the new law is the “Paycheck Protection Program” which will provide $350 billion to help small businesses keep workers employed amid COVID-19 and economic downturn. This new program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.  Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

UPDATED: Businesses will be able to apply for these forgivable loans starting April 3rd through most all local banks. The U.S. Treasury Department has issued preliminary guidance that you can view HEREYou can view the fully Treasury website on the program here.

In addition, our friends at the U.S. Chamber of Commerce have prepared an easy-to-understand checklist to guide businesses and self-employed individuals through this new program as they prepare to file for a loan.

UPDATED: Stimulus 3.0 – Federal CARES Act: Key Provisions Impacting Employers

FromTheDomeOn March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third bill passed by Congress in response to COVID-19. This bill provides significant resources to businesses and individuals alike to weather this crisis. Greater Mankato Growth has compiled a summary of the key provisions in the bill impacting businesses – of which there are many. This may be overwhelming, but know that more resources will be coming soon to assist you as the law is implemented and Greater Mankato Growth will be there every step of the way to ensure you are kept informed with timely and accurate information.

You can also view excellent summaries done by the US Chamber of Commerce and US Senate Committee on Small Business & EntrepreneurshipContinue reading “UPDATED: Stimulus 3.0 – Federal CARES Act: Key Provisions Impacting Employers”

US Department of Labor Guidance on Paid Leave

FromTheDomeThe US Department of Labor has issued preliminary guidance for employers and employees implementing the new paid leave provisions of the Families First Coronavirus Response Act. As a reminder, all employers with 500 or less employees must implement these new federally reimbursed paid leave programs by April 1. The US Internal Revenue Service has also issued preliminary guidance on reimbursement for these programs. Final guidance/forms are expected to be released this week.

MN Chamber of Commerce Webinar: COVID-19 Related Business Resources for Your Company

The Minnesota Chamber of Commerce just made available a recording of a webinar they hosted today with experts who discussed how businesses can access capital, work with employees, and better understand how policies passed at the state and federal level can offer businesses relief. You can watch the recorded webinar here.

mn chamber webinar

UPDATED: COVID-19 Tax Issues for Businesses

FromTheDomeThe Federal Government and State of Minnesota have taken several steps related to taxes to help mitigate the impact of COVID-19 on businesses. Below is a summary of these actions (current as of 2:15 pm March 20) and links to additional resources. Continue reading “UPDATED: COVID-19 Tax Issues for Businesses”

UPDATED: Families First Coronavirus Response Act – Key Provisions Impacting Employers

FromTheDomeUPDATED: The US Senate has passed an amended version of the Families First Coronavirus Response Act (HR 6201) with a bipartisan vote thus sending it to President Trump for his signature, who has indicated he will sign. Below is an update to the paid leave provisions contained in the final bill, which changed significantly from the bill originally passed by the House. 

The legislation guarantees free coronavirus testing, enhances Unemployment Insurance, strengthens food security initiatives, and increases federal Medicaid funding to states. In addition, the legislation creates two new paid leave programs that every business under 500 employees and all government employers must implement for their employees 15 days after enactment. Below is a HR 6201 Summary of those new programs. Please don’t hesitate to contact Patrick Baker (pbaker@greatermankato.com) with any questions.

Our friends at Blethen | Berens have also created a summary of the new law you can access here.

Continue reading “UPDATED: Families First Coronavirus Response Act – Key Provisions Impacting Employers”

Announcing GMG’s 2020 Policy Priorities

FromTheDomeThe Minnesota Legislature gavels into session next week Tuesday. As always, Greater Mankato Growth will keep our members up to speed on key issues and provide the information you’ll need to be an advocate for your business. Be sure to stay tuned to this blog in the coming months as we post updates on key issues businesses should keep an eye on.

GMG’s board of directors has also approved a set of policy priorities that GMG will monitor and advocate on in the coming legislative session. The policy priorities were derived from a thorough vetting process, including surveying of members, consideration and discussion by the organization’s Public Affairs Steering Committee, and ultimately, approval by the Board. These priorities represent a series of policy issues (federal, state & local) that are of interest to our members and our regional marketplace.

Key issues that GMG will advocate on this year are Highway 14 expansion and support of enhancements at Caswell Park, including a new regional field house. In addition to our own organization’s priorities, GMG partners with organizations that help magnify our voice in advocating for key priorities. GMG is an affiliate member of the following organizations. Continue reading “Announcing GMG’s 2020 Policy Priorities”

SBDC Holding Minnesota Wage Theft Law Seminar

wage theft.jpgIn May 2019, the Legislature passed a new Minnesota Wage Theft Law to create additional protections for workers and add criminal penalties for employers. Wage theft occurs when an employer avoids paying or fails to pay wages earned by its employees. GMG published a blog highlighting these new requirements here.

For additional information, you can also attend an overview presentation on Minnesota’s new Wage Theft Law hosted by The Small Business Development Center (SBDC) on October 16. More details on this event are below. Continue reading “SBDC Holding Minnesota Wage Theft Law Seminar”