Federal Tax, Tax

Emergency Coronavirus Bill

On Saturday, the U.S. House of Representatives passed a multi-billion dollar bill to provide Coronavirus (COVID-19) relief. The Senate will take up the bill this week. Treasury Dept. Secretary Steven Mnuchin stated the bill “will provide significant relief to small businesses that cannot afford the employee costs associated with Coronavirus.” It “provides a dollar for dollar reimbursement for Coronavirus related sick leave costs.” To help businesses with cash flow, “the Treasury will use its regulatory authority to advance funds to employers in a number of ways. Employers will be able to use cash deposited with the IRS to pay sick leave wages.” We’ll keep you updated on the bill’s progress. © 2020