Families First Coronavirus Response Act
On March 18, 2020, the President signed into law the Families First Coronavirus Response Act. While largely the same as the House bill passed on March 13, the final version of the legislation differs in several material respects from the original legislation, including permitting exemptions for employers with fewer than 50 employees, and providing some limits on the expansion of paid FMLA benefits. In its final form, the law has several provisions that will take effect in 15 days from signing. Please see provisions here.
The bill provides a series of refundable tax credits for employers who are required to provide the Emergency Paid Sick Leave and the Emergency Paid Family and Medical Leave described above. Subject to certain caps, employers may be able to recover 100 percent of qualified sick leave wages and 100 percent of qualified family leave wages. Innovative is tracking the progress of this new law and will provide updates as they become available.
For more information on all aspects of Family First Coronavirus Response Act or any bills we are watching, please consult Innovative Benefit Planning. This is an evolving situation that we will continue to closing monitoring and keep you updated as events happen.
