(an extension of the CARES Act)
Here's the Back Story
Good news! Small business and worker benefits just got even better through the Work-Share Program for employees this year in 2020! As an extension of the federal CARES Act, the Work-Share Program for employees enables employers to avoid lay offs, employees to make more than their typical paycheck, and all at the same time...work less! If you are a current employee whose normal hours or wages have been reduced, you qualify for this program. Qualifying for this program grants you the opportunity to receive weekly relief to offset any losses. For our business owners and clients that work, BREATHE! More relief is on the way!
Who Does it Affect? Am I Eligible?
To our business owners and clients who work, the Work-Share Program for employees includes benefits that have been tailored to your unique situations. Acknowledging the economic downturn caused by COVID-19, this program provides you with more stability and relief. Wondering how this can help you? Hang in there while we tell you how this program can help.
What Does this Mean for You?
This means quite a lot of things for our business owners and clients who still work but may have been affected by Covid-19. Businesses can retain their trained workforce, and employees keep their jobs. In lieu of the reduced hours or any lost wages, any workers may now apply for partial unemployment claims. For an example, an employee whose hours were cut by 20% will qualify for 20% of the state’s established weekly unemployment compensation.
It gets even better...while saving many businesses from being completely sabotaged, in many cases this program proves to be more profitable for workers still employed. In addition to the regular or partial paychecks you receive from your employer, receiving unemployment compensation up to the $600 a-week rate instated by Georgia may put more money in your pockets than before. How about that for some extra relief? Take that Corona!
Moving Forward.... What's Next?
Now you tell me, with these extra tools and incentives, who wouldn’t take advantage? The answer to that is that majority of people are not...even though it is right in front of them! Statistics say, out of the 31 million Americans receiving unemployment, less than 1% are doing so through the Work-Share Program. Moving forward, make sure you are researching and taking advantage of these government programs. Or, subscribe to our website to receive brief, yet informative overviews of programs as they are announced.
It has already been proven that the world is in a crazy space right now. Make sure to prepare yourself up for other rainy days to come...or future quarantines should I say!
How Can VAAS Pro Help?
As an expert CPA and Management Consulting firm, VAAS Professionals is well-equipped to consult anyone who is interested in more information about this Program. Our goal is to ensure you are educated and paid properly.
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