CARES Act FAQs
The La Crosse Area Chamber has compiled these highlights from many sources. We see our job as your extra hands — cutting through the many resources so you can focus on stregthening your business so it can enhance our quality of life.
The CARES Act provides financial support for businesses, employees, and agencies – particularly those that are researching COVID-19. Our federal electeds wanted to preserve payroll and to get ahead of the spread of COVID-19.
Unemployment Increased, Includes Self-employed, Artists, +
- Immediately funds unemployment and provides a maximum unemployment benefit of $600/week in addition to current state unemployment benefits.
- Ex. if the person is receiving $340 per week, the new federal program gives them $940.
- Through July 2020
- Includes eligibility for
- Gig workers
- Independent contractors
- Individuals with limited work history
- Provides an additional 13 weeks of unemployment to help those who remain unemployed after their respective UI benefits are exhausted.
If you were not eligible for unemployment before the CARES Act (Federal Stimulus Bill) was passed we are asking you to wait to file because our system is not yet set up to accept your application. We are waiting on additional guidance from USDOL. We expect those changes to be complete by mid-to late-April. We understand how important it is to get these payments to you as quickly as possible, and we are doing everything we can to get you the help you need.
*It is important to note that benefits will start from the time you became eligible for unemployment, not from the time your application is submitted or approved. This is also true of the additional $600 per week.
Employers and self employed and defer the payment of their share of 2020 Social Security taxes on employee wages
- The first half of deferred amoutn must be paid by December 31, 2021
- Second half is due by December 31, 2022
Businesses of all sizes are eligible to receive a fully refundable tax credit to help if they are distressed or need to close. The goal is to get employees hired back or put on paid furlough. For employers with more than 100 full-time employees, the credit is for wages paid to employees when they are not providing services because of the coronavirus pandemic. Eligible employers with 100 or fewer full-time employees can use the deduction even if they aren’t closed.
Student Loan Repayment Program
- Employers can contribute up to $5,250 annually toward an employee’s student loan.
- Payments are excluded from the employee’s income between March 27, 2020 and December 31, 2020.
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Post expires at 11:11am on Wednesday March 31st, 2021