REMINDER: FLORIDA MINIMUM WAGE IS NOW $10.00 AN HOUR
Effective September 30, 2021, the Florida minimum wage increased to $10.00 an hour, with a minimum wage of $6.98 an hour for tipped employees. All employees must receive at least the state minimum wage.
Because the minimum wage has changed, a new poster is required at your workplace. Your business is required to post a current Florida minimum wage poster at the workplace even if all your employees are paid higher than the minimum wage.
You should have already received the updated Florida minimum wage poster from us with your September newsletter. Please post it where your employees can see it.
If you are a FUBA member and did not receive your poster, or if you would like additional copies, please email us at FUBA@fuba.org or call our offices at 800-262-4483. You can also print the poster from the Publications section of our website.
PAID LEAVE FOR COVID NO LONGER REQUIRED
One of the most frequent questions we get from our small business members is whether they are required to give their employees with COVID paid time off from work. The answer is no.
In 2020, employers did have to give up to two weeks (up to 10 weeks in certain circumstances) of paid leave to employees with COVID or who were caring for someone with COVID. But this law expired on December 31, 2020, and there is no law requiring specific paid COVID leave at this time in Florida.
Employers who voluntarily provided paid leave for employees dealing with COVID in 2021 could receive tax credits for any paid leave they provided. However, this expired at the end of September and these tax credits are no longer available.
DEADLINE TO APPLY FOR A COVID EIDL LOAN IS DECEMBER 31ST
The US Small Business Administration (SBA) has an Economic Injury Disaster Loan program (EIDL) for small businesses dealing with losses due to COVID. Unlike the PPP loans that did not have to be paid back, the COVID EIDL loans are loans directly from the SBA that must be repaid and carry an interest rate of 3.75%.
Businesses can use a COVID EIDL loan as working capital to pay for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary business expenses. Payments are deferred for the first 2 years (but interest does accrue during this time), and payments of principal and interest are made over 28 years. For loans of $25,000 or less, there is no charge for the loan. For loans greater than $25,000, there is a one-time $100 fee. Collateral may be required.
Businesses can apply for a COVID EIDL loan directly with the Small Business Administration by clicking here. The deadline to apply is December 31, 2021, or when funds for the program are exhausted.
FLORIDA CORPORATE INCOME TAX RATE REDUCED FOR 2021
The Florida corporate income tax rate is reduced from 4.458% to 3.535% for taxable years beginning on or after January 1, 2021, and before January 1, 2022.
The tax rate returns to 5.5% for taxable years beginning on or after January 1, 2022. If you have any questions, please contact your local accounting professional.
WORKPLACE POSTERS FOR EMPLOYEES WORKING REMOTELY
You probably already know that your business is required to display certain posters (like OSHA or the minimum wage) where employees can see them at your business. But did you know that if you have employees who are working remotely from home, you should provide them these posters electronically?
In general, there are 8 employment posters that are required for Florida businesses. Additional posters can be required depending on the size of your business, the nature of your work, and whether you hire employees under the age of 18.
Posters required by Florida law:
- Florida Minimum Wage poster – This poster changes each year when the state minimum wage changes. All employers in Florida are required to post this notice, even if all employees are paid higher than the state minimum wage.
- Florida Reemployment poster – Explains your employees’ rights to file reemployment benefits (formerly called unemployment).
- Florida Workers’ Comp poster – If your business has workers’ comp insurance, this poster tells employees what to do if they are hurt on the job.
- Florida Anti-Discrimination poster – Explains that discrimination in employment is against the law and where employees can file a complaint.
Posters required by federal law:
- Uniformed Services Employment & Reemployment Rights (USERRA) poster – USERRA is a federal law that protects the jobs of employees who also serve in the military.
- Equal Employment Opportunity poster – Explains the federal laws prohibiting employment discrimination.
- Fair Labor Standards Act (FLSA) poster – Explains some of the federal law governing employee pay. Please note: The federal minimum wage on this poster of $7.25 does not apply in Florida and neither does the amount of the tip credit for tipped employees. The Florida minimum wage law is what governs Florida employers, but you still have to post this federal notice as well as the Florida-specific minimum wage poster.
- Occupational Safety & Health Administration (OSHA) poster – explains employers’ obligation to provide a safe workplace for employees.
As a service to our members, FUBA provides all of the above posters to our members every year at membership renewal so you know your business is always in compliance. If posters change (like the Florida minimum wage poster did in September), we also provide updates free of charge.