The Treasury Department, IRS and Department of Labor announced small and midsized employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them—dollar for dollar—for the cost of providing coronavirus-related leave to their employees, according to ww.irs.gov. This relief to employees and small and midsized businesses is provided under the Families First Coronavirus Response Act, which was signed by President Trump March 18.
The act will help the U.S. combat COVID-19 by giving all U.S. businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will allow employers to keep their workers on their payrolls while ensuring workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.
