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Families First Coronavirus Response Act (Act), Signed on Mar 18, 2020
More legislation to come.
Below are some of the fabulous resources as it relates to this recently passed legislation:
Today the team dug in on the Families First Coronavirus Response Act legislation that was passed last Wednesday. I am not going to attempt to provide any kind of details regarding the FFCRA.
The resources below do a great job of interpreting and capturing the key elements. Should you have any employees that are out sick for due to the Coronavirus, even as a small employer, there are some instances where paid leave that you provide to the employees will be reimbursed by the IRS via a reduction in the amount paid via payroll taxes. Based on the review, as it stands now, I believe that the legislation may apply to some KBS CFO clients. That being said there will be an additional even larger piece of legislation issued in the next few weeks that is designed to cushion the severe blow of all of the business closures.
On our end, our next step is to correspond with the payroll service providers (ADP, Gusto, Zenefits and Intuit Payroll) and determine the timing on their end. One super simple idea that many are recommending is to create COVID-19 code in your time off systems to flag leave that may be considered related to COVID-19.
During our work today we also saw an opportunity for those of you that are Maryland-formed organizations to apply for support via the COVID-19 Layoff Aversion Fund.
Additional Resources:
IRS Newsroom – Coronavirus Related Paid Leave
What SMBs Need to Know About the Families First Coronavirus Response Act
Feel free to touch base if you would like to discuss any of the contents of this post further.
Best,
Robin