Talk Nerdy To Me: New Law Requires Small Business to Provide Paid Leave

Offered By Stander & Company

The Families First Coronavirus Response Act is a new law passed recently that offers COVID-19 assistance for both employees and employers.

 

This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.

 

Here are the details of the new law’s benefits:

 

  • Paid Sick Leave for Workers: The new law provides employees of eligible employers two weeks (up to 80 hours) of paid sick leave at 100% of the employee’s pay where the employee can’t work because the employee is quarantined and/or experiencing COVID-19 symptoms and seeking a medical diagnosis.
  • Other Paid Leave for Workers: Employees can receive two weeks (up to 80 hours) of leave at two-thirds the employee’s pay if they need to care for someone in the following situations: The need to care for an individual subject to quarantine, to care for a child whose school is closed or childcare provider is unavailable for reasons related to COVID-19.
  • Extended Leave: In some instances, an employee may receive up to an additional ten weeks of expanded paid family and medical leave at two-thirds the employee’s pay.
  • Companies will get paid back: Businesses who pay employees the mandatory sick and childcare leave according to the new law will get completely reimbursed through a payroll tax credit.

 

What it means for you

  • Employees can take the necessary time to recover from being infected with COVID-19, or to care for a loved one, without fear of losing their job or salary.
  • Employers can help their employees financially while navigating COVID-19 related shutdowns.

 

Disclaimer

Stander & Company is not a CPA firm. Stander & Company accounting services provided through an alliance with Nicholas T Stander, CPA, PLLC

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