Filed under: Combs & Company Blog, Covid-19, Disaster Relief, Families First Coronavirus Response Act, FFCRA, FMLA, Insurance 101, Insurance Women, Susan L Combs, Women in Insurance | Tags: Chelsea Whalley, Coronavirus, Covid-19, Disaster Relief, Federal Payroll Tax Credits, FMLA, J Donovan Financial, Paying for Sick Leave
Check out this great video from colleague, Chelsea Whalley of J Donovan Financial. Chelsea explains how eligible employer tax credits will fully reimburse employers for all qualifying sick and child-care leave payments mandated under the Families First Coronavirus Response Act by REDUCING PAYROLL TAXES owed to the IRS.
*Employers will be entitled to an ADDITIONAL CREDIT for the cost of MAINTAINING HEALTH INSURANCE COVERAGE!*
– Employers will be able to file for accelerated payments to refund employers for qualifying leave payments in excess of federal payroll taxes owed.
– Small businesses will be eligible for an exemption to the mandated sick and leave payments if they demonstrate that payment of child-care leave under the Act threatens the viability of their business.
– Enforcement actions will be delayed by thirty days for employers that act reasonably and in good faith to comply with the Act.
*Note: Information is changing daily, please check with Dept of Labor and/or an employment attorney for exact information*
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