Layoff Aversion Strategies Available for Central Texas Businesses
Workforce Solutions Rural Capital Area and our partners at Workforce Solutions Capital Area can support central Texas businesses in identifying resources that can help avoid layoffs during the COVID-19 crisis.
COVID-19 represents a sudden and dramatic shock to our local economy. The virus’ rapid spread understandably left many of our region’s businesses little time to prepare a necessary response.
Our Business Solutions teams can help you to navigate the resources available, including the list below.
Shared Work is an alternative to layoffs that we can help you apply for through the Texas Workforce Commission. Shared Work supplements employees’ lost wages due to reduced hours with partial unemployment benefits. Companies qualify when an employee’s normal weekly work hours are reduced by at least 10 percent, but not more than 40 percent. The reduction must affect at least 10 percent of the employees in that unit.
Incumbent Worker Training is a solution to fill open high-skilled positions with members of your existing workforce whose skill set is expanded or needs to be retooled to support different needs during the crisis. For small businesses, this includes training to support your efforts to navigate transitioning a business model to online platforms.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits and has the potential to be fully forgiven. Funds can also be used to pay interest on mortgages, rent, and utilities. This program is implemented through the Small Business Administration.
Emergency Economic Injury Grant provides economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
Small Business Debt Relief Program provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. The SBA leads this program.
Layoff Aversion funding is another resource available through the Texas Workforce Commission. If your company has the potential to survive and retain employees with the purchase of equipment that allows you to work together remotely and safely, or with specific software/program improvement, we can assist in looking into the feasibility of supporting you with that purchase.
Localized resources have been created and are in development at the city and county levels. We can help you to identify who has resources available to support you locally.
Businesses in Austin/Travis County can contact Workforce Solutions Capital Area at rapidresponse@wfscapitalarea.com. Learn more about resources for Austin’s employers at www.wfscapitalarea.com/Employer-Services/COVID-19-Resources-for-Employers.
Businesses in Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano or Williamson counties can contact Workforce Solutions Rural Capital Area at rapidresponse@ruralcapital.net and learn more about available resources at https://workforcesolutionsrca.com/employers/covid-19-coronavirus-resources.
TOPICS: Business Services, COVID-19
