Every day, more numbers come in about unemployment insurance applications. being filed in record numbers. Most appear to be due to some states’ orders for workers not deemed “critical infrastructure” to stay home.
There are options. Yesterday, I wrote about the Payroll Protection Program.
Monday, I wrote about the Economic Impact Disaster Loan (EIDL) Program.
The math of mass layoffs is startling. So, if you are a small business with 1-500 employees here is the advice: don’t do it if you don’t have to. Pay them to stay home instead, using someone else’s money that might not need to be paid back. Why firms would not do this defies logic.
Ask us how EIDL and the PPP can help your small business stay afloat and protect your employees. Win-win.