Congress has passed and the President has signed the Families First Coronavirus Response Act.
In summary, this Act provides for emergency paid sick leave and an emergency Family and Medical Leave Expansion for employees who are quarantined or caring for someone quarantined due to the Coronavirus. The Act also provides funding for employers to assist in paying for this additional leave. This funding is provided through a refundable tax credit against the employer’s portion of Social Security Taxes to cover 100% of the employer’s cost for this leave.
Please see the details of the Act here.
This Act was pushed through in order to provide immediate assistance to businesses and employers. Additional measures are expected in the upcoming days and weeks that may contain other support and tax-related benefits to provide assistance to those companies and individuals affected by this pandemic. We are committed to assisting you and your businesses navigate these regulations and changes and will bring you more information and insights as they become available. Please reach out to us if you have any questions.