Some good news as economic concerns start to become real for our clients. Most do not know how they are going to address their concerns for their employees that live paycheck to paycheck.
House passes coronavirus relief package
"Families First Coronavirus Response Act'' (the Act), bill containing numerous provisions designed to provide coronavirus-related relief passes House.
One Act provision contains a new "emergency paid leave program" for individuals diagnosed with coronavirus, quarantined in order to prevent its spread, who are caring for someone with coronavirus, quarantined, or whose school has closed. Benefits received under this program would not be subject to federal income tax. (Act Sec. 102)
Small employers will get tax credits from the IRS and will be able to submit for immediate funding from the IRS. Details are pending
Employers would be required to provide 14 days of paid sick leave at “not less” than two-thirds their regular rate. They would qualify for the benefit if they are sick and have to be quarantined or treated for coronavirus, or if they have to leave their jobs to take care of a family member who has coronavirus. Workers would also be eligible for paid sick leave if they have to stay home because they have a child whose school or childcare facility has closed due to the coronavirus.
Small employers will get tax credits from the IRS and will be able to submit for immediate funding from the IRS. Details are pending
We will follow up as more details become available.
Greig Davis
Dental ROI Associates PC - Dental CPAs
Results by Design
info@dentalroiassociates.com