The 880-page CARES Act requires ongoing, focused effort to reduce the complexity to useful
There are some businesses that have benefited from the latest crisis. Companies that offer internet access, streaming services, remote worker access, and more have seen a surge of business during this time. Their leaders may be too focused on handling all the business that they can manage, but don’t be that leader. There is no way to know the total impact that this crisis has had on your employee’s family. It’s wrong for you to assume that the “job security” or little bit of overtime pay you offer (due to a spike in your business), will ever offset the challenges facing other family members who may have been laid off or deemed non-essential.
Like trying to win a grant, give the CARES Act a long, sustained effort in order to gain the most. It’s a smart business decision and shows that you care for coronavirus relief when you appoint a full-time champion, team, or hired expert to get all the details (and when appropriate, apply them) to any program for which you are eligible. Additionally, give all employees a list of relief that may be available for them personally along with contact information. This will be helpful for hurting family members, and they can pass it on to neighbors and friends in need, too.
This is a time for any leader with expanding or contracting business to show that they care about coronavirus relief by properly investigating the CARES Act. Look for facts, phone numbers, websites, and email addresses to arm your workers while also protecting your business. Count on confusion and conflicting information being disseminated, and help your team and their family navigate the murky waters of relief.
Companies have found:
Many companies without a champion are now struggling to answer government questions, follow up on loan options, and more. A person involved in the entire process will more quickly and easily get answers and solve these challenges.
Individuals have found:
Here’s a link to the non-partisan Tax Foundation for an overview of the 880 page CARES Act, and you can gain additional ideas here. Don’t take this responsibility lightly, give it careful thought, and consider how you will investigate and implement your options. Don’t forget to be thankful as you reduce this complex document into how you care for coronavirus relief. Remember that this is an investment in your leadership, culture, team members, and your company. Finally, take care of your top two priorities—your employees and your cash—as communities begin to open up for business.
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