From the Desk of Senator Jenifer Branning
MS Senate, District 18
By request, I have put together a list of FAQ’s of new laws enacted to assist business and individuals during this time. This only addresses questions I have received and does not cover all aspects of the legislation. This summary is not intended to be tax or legal advice, but is being provided for informational purposes only.
SUMMARY OF COVID-19
BUSINESS AND INDIVIDUAL ECONOMIC RELIEF OPTIONS
Paycheck Protection Program – this is an SBA Loan program to be administered via local approved lenders and has a forgivable feature that is designed to provide funds for small businesses to help with payroll costs, most mortgage interest, rent and utility costs. Visit www.sba.gov for a list of approved lenders. The application process will start on April 3, 2020, for small businesses and sole proprietors, and then independent contractors and self-employed individuals may apply beginning on April 10, 2020. The application may be found here https://files.constantcontact.com/…/34af9ea1-463c-48bb-baf6…
Economic Injury Disaster Loan- this is an SBA loan program administered directly via the SBA, and has an emergency fund feature that provides a $10,000 grant that is designed to fund quickly for operating cash. The grant is forgivable, but available loans under this program are longer-term but are not forgivable. The EIDL grant application may be found here https://covid19relief.sba.gov/#/ and may be applied for immediately.
**Note, there are options available for non-profits and independent contractors/ self-employed.**
Links for other small business resources may be found here: NFIB.com/Coronavirus
• Information about Coronavirus Paid Sick Leave and Expanded Family Leave Law, click here to view.
• Employers must comply with the Families First Coronavirus Relief Act (COVID-II signed into law March 18th) from April 1, 2020, until it expires on December 31, 2020.
Please visit. www.dor.gov for more information on the FFCRA and how it affects yours business.
• Paid leave prior to April 1 will not count.
• All businesses covered by the law (i.e., private sector employers with fewer than 500 employees) are required to post this notice, even if you are a small business owner.
INDIVIDUAL BENEFITS – tax free refundable tax credits will be available to families as follows:
Couples earning up to $150k will receive $2400 plus $500 per child
Individuals earning up to $75k will receive $1200 plus $500 per child
MS UNEMPLOYMENT BENEFITS
The Mississippi Department of Employment Security is allowing claims for benefits to be filed online. This is the link for registration with MDES https://accessms.mdes.ms.gov/access…/faces/login/login.xhtml.
The Mississippi Department of Employment Security also added an e-mail address as a resource,[email protected], or you may call 888-844-3577 7am to 7pm seven days a week. Visit www.mdes.gov for detailed information on eligibility or other issues.
As always, contact me with questions! Stay safe!
Senator Jenifer Branning
MS Senate, Dist. 18