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. https://jsslaw.com/tax-and-employee-benefits-aspects-of-the-u-s-governments-initial-pandemic-response/
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SHARESHARESHARE
TAX AND EMPLOYEE BENEFITS ASPECTS OF THE U.S. GOVERNMENT’S INITIAL PANDEMIC RESPONSE
This week has been filled with updates on the progress of Coronavirus (COVID-19) moving across the globe. Predictions of the severity of the disease’s impact have sent financial markets spinning, causing widespread stockpiling of food and essentials, and sent America’s workforce home to quell the spread of disease. Businesses everywhere are trying to stay afloat while ensuring that employees also have the necessary resources. Meanwhile, Congress continues to work on economic stimulus measures, several of which passed and were signed in to law yesterday. These laws will directly and immediately impact businesses, their employee benefit plans, and regulatory compliance obligations. New requirements addressing COVID-19 include paid leave, mandated testing and treatment, and refundable tax credits that finance these benefits. President Trump signed the Family First Coronavirus Response Act (“FFCRA”) into law on March 18, 2020, and more legislation is being proposed. Below is a summary of the changes through March 20th that have important tax and employee benefits implications. OTTO S. SHILL READ MORE