To all of our clients,
As you have heard on March 18, 2020 the Families First Coronavirus Response Act was signed into law.
The two main components affecting most employers are: The Family and Medical Leave Expansion Act and the Emergency Paid Sick Leave Act. There is lot of varying information out there so we wanted to reach out to let you know that the definitive guidelines from the IRS on how to actually implement this Act have not yet been released. The IRS has said those guidelines will be provided this week. As of this morning they are still not out. Let’s all remember, it has only been 8 days since this was rushed into law and it takes time to figure out the actual implementation of such a huge ACT. At Congruity we are constantly monitoring the situation and will be getting you the information immediately upon its release.
In addition, the Senate passed the $2 Trillion Emergency Relief Package yesterday with the expected passage in the House tomorrow. The guidelines on how that all will work will have a time lag once it passes given the size and breadth of the Package.
A big part of this package will provide relief for small businesses which will be processed through the Small Business Administration (SBA). Treasury has stated that they are currently revamping the application process into what they hope is a 1 day application to approval process. This should be a tremendous boost for all small business owners who qualify.
Again, we are monitoring these rapid developments and will be sharing the final guidelines as they are released. You will see multiple updates daily.
All of us at Congruity are committed to giving you the most timely and accurate data so that you can realize the full benefits of these Acts and Packages.
Stay safe. We are here for you to help guide you through the process.
Founder & President, Congruity HR