To Our Valued Clients:
During these uncertain times, our firm wants you to know that we are here to provide information as it becomes available, support you and assist you in anyway that we can.
New information is becoming available multiple times per day and we are committed to getting it to you as quickly as possible.
Despite the Economic Stimulus Bill not being approved over the weekend, the Families First Coronavirus Response Act was passed last week to assist business owners with fewer than 500 employees:
Employee Paid Leave of Absence:
1.
The Act provides that employees of eligible employers can receive two weeks (up to 80 hours) of paid sick leave at 100% of the employee's pay where the employee is unable to work because the employee is quarantined, and/or experiencing COVID-19 symptoms, and seeking a medical diagnosis.
2. An employee who is unable to work because of a need to care for an individual subject to quarantine, to care for a child whose school is closed or child care provider is unavailable for reasons related to COVID-19, and/or the employee is experiencing substantially similar conditions as specified by the U.S. Department of Health and Human Services can receive two weeks (up to 80 hours) of paid sick leave at 2/3 the employee's pay.
Employer Reimbursement of Paid Sick Leave
For an employee who is unable to work because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis, eligible employers may receive a refundable sick leave credit for sick leave at the employee's regular rate of pay, up to $511 per day and $5,110 in the aggregate, for a total of 10 days.
Child Care Leave Credit
For an employee who is caring for someone with Coronavirus, or is caring for a child because the child's school or child care facility is closed, or the child care provider is unavailable due to the Coronavirus, eligible employers may claim a credit for two-thirds of the employee's regular rate of pay, up to $200 per day and $2,000 in the aggregate, for up to 10 days.
Payroll Tax Credit
The IRS has announced that they will be giving a payroll tax credit to employers, however the details are still pending and we will send you the details when available.
