In March, three major pieces of federal legislation aimed at addressing the Coronavirus Pandemic were made law:
First was H.R. 6074 , the Coronavirus Preparedness and Response Supplemental Appropriations Act. This Bill directed government funds to federal agencies in order to begin addressing the pandemic and setting the stage for future recovery efforts.
Second was H.R. 6201, the Families First Coronavirus Response Act (FFCRA). This Bill contained several major provisions, with the Emergency Paid Sick Leave Act (EPSLA) and Emergency Family and Medical Leave Expansion Act (EFMLEA) principally important to NECA Contractors.
These laws require employers with fewer than 500 employees to offer fully or partially paid leave to employees seeking it for certain qualifying reasons. All wages paid out for either type of leave, plus associated health plan benefit and Medicare Tax costs, will be reimbursed to the employer through a payroll tax credit.
Third was H.R. 748, the CARES Act. This enormous Bill, commonly known as the “stimulus package”, contains hundreds of provisions aimed at providing relief to individuals and businesses nationwide. Many are relevant to NECA Contractors, including those related to:
- SBA Paycheck Protection Program Loans
- Employee Retention Tax Credit
- Two-Year Business Payroll Tax Deferral
- Net Operating Loss (NOL) Carry-Back Rule
- $600 Unemployment Insurance Increase
- Retirement Plan Early Withdrawal
More details regarding these new laws can be found on the Chapter Coronavirus Resource Center. Please familiarize yourself with them to ensure proper legal compliance.
Several additional Coronavirus relief Bills will likely become law in the coming weeks. More information on these Bills will be distributed to all Chapter Members as it becomes available.
If you have any additional questions, please feel free to contact Chapter Government Affairs Coordinator Aaron Kelley (email@example.com).