As you may have heard, the Biden Administration issued a plan on September 9th with several new policies to help reduce the impact of the coronavirus (COVID-19).
As your trusted partner, we are working to better understand the potential impacts of the plan and will continue to keep you informed. In the meantime, here is what we know now, as we await further guidance including effective dates:
Private sector employers with 100 employees or more:
- A requirement that employers with more than 100 employees ensure their workers are either vaccinated for COVID-19 or tested weekly for COVID-19.
- Employers with 100 or more employees must provide paid time off to get vaccinated and recover from potential vaccination side effects.
- The Department of Labor's Occupational Safety and Health Administration (OSHA) will issue an Emergency Temporary Standard (ETS) to implement this requirement.
- Federal employees and employees of government contractors:
- A COVID-19 vaccination requirement for all federal employees and all contractors that do business with the federal government.
Economic recovery impacts:
- Economic Injury Disaster Loan Program: The announcement included enhancements to the Economic Injury Disaster Loan (EIDL) program, which provides long-term, low-cost loans to small businesses, generally increasing the amount of funding a small business can borrow through this program from $500,000 to $2 million.
- Paycheck Protection Program (PPP) Loan Forgiveness: The Administration announced improvements to the PPP loan forgiveness process for borrowers with loans of $150,000 or less. The Small Business Administration (SBA) will send a pre-completed application form to borrowers, who can then review, sign, and return the application to the SBA to initiate the review and forgiveness process.