WorkShare is a program provided by the state of Massachusetts to help companies and their employees during economic slowdowns. The program allows companies to reduce work hours based on lower customer demand while allowing employees to collect unemployment benefits to supplement their lower earnings.
Since the end of April, we have been on a 32-hour work schedule with everyone receiving an additional 8 hours of earned time every week. Mercury has been using money from a small business loan (called a PPP loan) to help pay for the additional earned time as well as other wages and benefits.
The terms of the PPP loan will be changing in June, so this is why Mercury is starting the WorkShare program now. The WorkShare will allow us to keep our Mercury team together while continuing to provide all eligible benefits.
As an additional benefit, the WorkShare will allow all our team members to receive unemployment benefits including the $600/week Federal Pandemic Unemployment Compensation.