On December 28th, 2020, a new coronavirus relief bill extends tax credits for paid leave to March 31, 2021.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.
The effective date of all provisions of the law is April 1, 2020.
Contains several areas that impact employers:
- Two New Paid Leave Programs
- Emergency Paid Sick Leave
- Emergency Family and Medical Leave
- Tax Credits for Paid Leave
- Emergency Unemployment Insurance Stabilization and Access Act of 2020
Helpful Links and pdfs:
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020.