In May 2021, the Department of Labor (DOL) withdrew a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. According to SHRM, the withdrawn rule would have applied a more-limited economic-reality test.
The adverse economic impact of COVID-19 has bolstered employers’ interest in supplemental unemployment benefits (SUB) plans. which is an employer-sponsored benefit that provides severance pay to employees who involuntarily lose their jobs such as through layoff, reduction in force, or plant closing.
As a result of COVID-19, the economy has taken a tremendous hit and many Arizona manufacturers are feeling an impact. Some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of technology and increased access to market trends.
Your financial statements can tell you what is happening in your business today and expectations for the future. Knowing how to interpret financial reports gives you insight into your business.
Governor Ducey declared most Arizona counties, including Maricopa, a disaster area. This means business owners can apply for low-interest loans online through the U.S. Small Business Administration (SBA) Disaster Loan Application Portal.