The act makes emergency supplemental appropriations and other changes to law to help the nation respond to the coronavirus outbreak.
3/19/2020 9:00
President Trump on Wednesday signed the bipartisan Families First Coronavirus Response Act (H.R 6201), which in part provides paid leave and unemployment benefits, as well as free diagnostic testing for the virus.
ACA International followed the legislation as it passed in a 363-40 vote in the U.S. House of Representatives, and a 90-8 vote in the U.S. Senate, The Hill reports.
The bill has several pieces to help combat COVID-19, reported ACA International’s Vice President and Senior Counsel of Federal Advocacy Leah Dempsey. There are also several aspects of it that small-business owners, including those in the ARM industry, should review for any impact on operations and tax planning.
Some of the provisions in the bill that employers should review are the required sick days, paid leave offered through expanding the Family and Medical Leave Act (FMLA), and the associated tax credits. The House Committee on Appropriations provided a summary of the bill that ACA urges members to review.
Separately on Thursday, Senate Majority Leader Mitch McConnell, R-Ky., introduced the Coronavirus Aid Relief and Economic Security Act (also referred to as phase three of the coronavirus stimulus package), which includes direct financial help for Americans, relief for small businesses, help for impacted industries like airlines and efforts to bolster the health care system, The Hill reports.
McConnell’s remarks in may be accessed here. ACA will continue to follow this story.
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Congress Issues Guidelines on Tax Credits under Families First Coronavirus Response Act