Please tell your employer about new sources of money to keep employees (like you) on the payroll! If your company or nonprofit seems deeply affected, and layoffs seem possible, don’t wait. Make sure your executive team knows about these great tools.
Payroll Protection from the US Small Business Administration (SBA) is a great new tool! Loans used for payroll will be forgiven, within certain criteria.
The SBA Paycheck Protection Program application just went live. Small businesses are eligible if program size standards (under 500 employees) are met. SBA will forgive the portion of the loans used for payroll, rent, utilities, etc., if all employees are kept on payroll for eight weeks. This gives your employer a great way to keep the jobs you and your colleagues depend on.
Top-line overview of the program
Application for borrowers
Information for borrowers
To visit the SBA website: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
The California Employment Development Department (EDD) has a program called Partial claims, which helps employees when employers experience a lack of work. A partial Unemployment Insurance claim can be used for any claimant who works less than their normal full-time hours, and whose employers want to keep them. In addition, let your boss know that employers can apply for the Unemployment Insurance (UI) “Work Sharing Program” if reduced production, services, or other conditions cause them to seek an alternative to layoffs.
- The Work Sharing Program helps employees whose hours and wages have been reduced.
- For more details on the programs listed in the bullets above: https://www.edd.ca.gov/about_edd/coronavirus-2019.htm
- In addition, be aware that LAEDC is deeply committed to helping businesses avoid layoffs, with a team of experienced professionals implementing LAEDC’s award-winning Layoff Aversion Program. If you believe your employer may be preparing for a significant layoff, email LAEDC asap: [email protected]