New Families First Coronavirus Response Bill

On Wednesday, March 18th the Senate and the President passed HR6201 — the Families First Coronavirus Response Bill — a response by the government on how to handle unemployment and sick leave as a result of the significant impact to the labor force caused by COVID-19.

There are both employer required actions (which have much further reach than many would expect) and potential savings/funds that are available.

As detailed accountants, we normally would wait to provide information until we are assured of the final implications and specifics. However, given the fluidity of the situation, we felt it important to get information out to our clients sooner rather than later. We held a live tele-conference covering some of the key components of this bill and how it will impact every business and self-employed individual.

Key Points

• Required employer actions under the new law apply broadly — even to employers who might not expect it
• Tax credits are available to offset the cost of required paid leave
• The legislation was still being finalized in terms of practical application at the time of the webinar

A Note of Caution

While the legislation was finalized, it still needed to work through the system and practical application needed to be figured out. If you have questions, or want to talk in general regarding your specific situation, please call our office. We are here and available via phone, video conference, or email.