Recent News and Updates
Blog posts tagged with "tax credit"
Among other targeted COVID-19 relief efforts, the Emergency Family and Medical Leave Expansion Act potion of the FFCRA provides up to 12 weeks of partially paid coronavirus-related family leave and the Emergency Paid Sick Leave Act portion provides up to 2 weeks of paid leave for certain COVID-19 related absences. To ease the burdens these paid leave provision place on employers, the FFCRA provides a refundable tax credit equal to 100% of qualified EFMLEA and EPSLA wages paid by such employer, as long as proper documentation is obtained, created and retained.
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act (often referred to as the stimulus package). Included in the $2.2 trillion stimulus package are provisions aimed at incentivizing businesses to retain workers despite the economic downturn caused by the COVID-19 pandemic. In this article, we discuss two of those provisions, the Paycheck Protection Program and the Employee Retention Tax Credit.