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Financial Assistance for Staffing Agencies Under the CARES Act

ASA has published two papers relating to the business loan programs under the Coronavirus Aid, Relief, and Economic Security Act.

The first paper describes the eligibility requirements for small business assistance under the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan program, and the so-called main street loans for mid-sized businesses under the Exchange Stabilization Fund. The paper also discusses how staffing agencies should calculate their headcount for purposes of loan eligibility under the programs and how loan “forgiveness” is determined under the PPP.

The second paper addresses whether staffing agency clients can include the wages of the temporary employees assigned to them in applying for PPP loans. The paper explains why the client may be able to claim the temporary employees for PPP purposes in certain cases.

Both papers were written by Marc J. Gerson, Esq., member of the Washington, DC, law firm Miller & Chevalier Chartered, and former Majority Tax Counsel to the Ways and Means Committee of the U.S. House of Representatives. Both papers will be updated as further guidance is issued by the Treasury Department and Small Business Administration.

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