May 8, 2020 Editor’s Note: Thank you for viewing this resource about the Paycheck Protection Program (PPP). This was a cornerstone for many organizations during the COVID-19 pandemic, but it’s important to stay current on the latest financial support options. Like PPP, the Employee Retention Credit (ERC) can be leveraged to bring your business significant financial relief. We invite you to dive into our ERC content here. Need professional advice on maximizing your ERC benefits? Learn more about our Employee Retention Credit consulting services and then contact us. If your company has received a Paycheck Protection Program (PPP) loan and would like to recall your workforce, here are three things to keep in mind: • Document your employment offer. You should try to obtain the reason why the former employee will not come back in writing. In certain circumstances employees may decline your offer and still be eligible for unemployment benefits (If it is a reason under the Families First Coronavirus Response Act: child care, sick with Covid-19, etc). • You have 15 days to report your offer to the state of Maryland. For instructions on the reporting process via the Division of Unemployment Insurance (DUI); click here. • If you recall your former employees and they refuse to rejoin the workforce this will not be a reduction in full time equivalents for the forgiveness of debt related to the PPP loan. Be sure you document the offer, the reason related to refusal, and any other communication with the employee. KatzAbosch will continue to provide additional in-depth updates around this matter. In the meantime, if you have questions or concerns on how any of the new provisions or available funding may impact your situation, please contact your KatzAbosch representative, or contact us by clicking here.
