Unfortunately, the "emergency" bill passed by the House has been loaded up with pet pvovisions by the Democrats.
I think one of them requires you (as a small business owner) to pay sick pay after 14 days if someone cannot work due to coronavirus infection (themselves or someone they care for). It's only for employers with 1-499 employees!
I can't find it again quickly. If I find it later, I'll followup.
This is mostly true. The employer has to pay for up to 14 days of paid sick leave at 2/3 of the employees salary. That entire amount can be written off as a tax credit for the business (100% credit) the following tax filing. There are some upper level limits for employees making over $300K per year though.
Thanks for the clarification. The article I read about this wasn't clear on the details, and I haven't been able to find it again.
The writeoff as a tax credit blunts the impact on small business, although they would have to find the cash before the end of their fiscal year. It might be hard for an undercapitalized business that is already struggling.
Unfortunately, the "emergency" bill passed by the House has been loaded up with pet pvovisions by the Democrats.
I think one of them requires you (as a small business owner) to pay sick pay after 14 days if someone cannot work due to coronavirus infection (themselves or someone they care for). It's only for employers with 1-499 employees!
I can't find it again quickly. If I find it later, I'll followup.
I know Trump basically shamed Pelosi into taking out the abortion funding from the bill, but which of the demcraps' pork didn't get cut out?
Not all of it. From what I've read, the abortion funding was one of the ONLY things that got removed.
This goes to the Senate next week. We'll see what happens.
So it’s ONLY for small businesses? Wtf.
This is mostly true. The employer has to pay for up to 14 days of paid sick leave at 2/3 of the employees salary. That entire amount can be written off as a tax credit for the business (100% credit) the following tax filing. There are some upper level limits for employees making over $300K per year though.
Thanks for the clarification. The article I read about this wasn't clear on the details, and I haven't been able to find it again.
The writeoff as a tax credit blunts the impact on small business, although they would have to find the cash before the end of their fiscal year. It might be hard for an undercapitalized business that is already struggling.