The novel Coronavirus is changing the business landscape at lightning speed.
While governments continue to work to blunt the negative impacts, there is already one new provision designed to help employers assist workers needing to take leave for either health or family care reasons.
The Families First Coronavirus Response Act, signed into law last week, allows small and midsized employers to use two new refundable payroll tax credits aimed at immediately reimbursing them, dollar for dollar, for the cost of providing Coronavirus-related leave to their employees.
The new law also mandates paid leave benefits for small business employees affected by the COVID-19 emergency. Learn some details on the new law below.
The Department of Labor is currently in the process of drafting an interim rule which will provide guidance on exactly how the law will be implemented. Until those rules are implemented, we will not know the answers to many specific questions. When the rules are released sometime prior to April 2, the guidance will provide the clarity necessary to fully implement the new law.