LIEB BLOG

How current events impact business & real estate

Showing posts with label unemployment. Show all posts
Showing posts with label unemployment. Show all posts

Tuesday, September 07, 2021

New Legislation - Shared Work Program Gives Employers Flexibility to Avoid Layoffs

Struggling employers can reduce their employee's hours and those employees can offset their lost wages with unemployment insurance (UI) under the Shared Work Program, which now offers even more flexibility thanks to S.4049, which Governor Hochul signed on Labor Day (9/6/21).


The Shared Work Program provides employers with an alternative to laying off workers during business struggles by allowing employees to receive partial UI benefits while working reduced hours. 


Previously, under the Shared Work Program, employees could only collect partial UI benefits for up to 26 straight weeks, regardless of what their maximum benefit entitlement is under UI. 


Now, the new legislation changes the cap on shared work benefits from 26 straight weeks to an amount of time equal to 26 weeks' worth of benefits. In other words, employees can now collect UI benefits until they have reached their maximum benefit amount under UI. 


This change will ultimately extend the length of time a worker will receive benefits under the Shared Work Program.


According to Gov. Hochul, "these bills [workforce legislation package] will ensure that workers receive fair wages, benefits, and are kept safe in their work places." 


How big of an impact do you think this new legislation will have on workers and employers going forward? 





Friday, March 27, 2020

Nuts & Bolts of Stimulus Package - House Passes 2 Trillion Dollar Stimulus Package

The House passed the Senate's massive stimulus package today, paving the way for the President to sign the bill into law.

The bill includes the following:
  • Tax free payments to individuals of up to $1,200; $2,400 for married couples and additional $500 for children under the age of 16. Amount of payments are dependent on adjusted gross income. No eligibility if:
    • Individuals earning $99,000 or more
    • Married couples earning $198,000 or more;
  • Employees will be entitled to an additional $600 of weekly unemployment benefits in addition to the amount they are entitled to from their State. Part-time employees and independent contractors, even if not covered under their State law, will be entitled to these federal payments, as well;
  • $377 billion in loans and grants for small businesses;
  • $500 billion in loans for struggling businesses;
  • $150 billion for hospitals treating coronavirus patients;
  • Defers student loan payments for six (6) months; waives interest;
  • Foreclosures and evictions are stayed where mortgages are backed by the federal government.