Information relating to the Coronavirus Aid, Relief, and Economic Security Act

As developments come through the various news channels from the White House and local Governments, please know that all available websites and resources are being updated as quickly as possible. We appreciate your patience and understanding as we work to add new information.

On March 27, the U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act, signed by President Trump on March 18, 2020. See this DOL news release for more information.

The Coronavirus Aid, Relief and Economic Security Act (HR 748), also known as the CARES Act, is a $2 trillion stimulus intended to protect individuals and businesses negatively impacted by the COVID-19 (coronavirus) outbreak. HR Works is currently reviewing the information and working with partners to understand the key impact for employers and employees. We will provide additional information and resources as it becomes available.

Generally speaking, the stimulus package provides the following:

Direct payments to individuals and households based on income level.

Economic Impact Payments: What You Need To Know (IRS Guidance)

IR-2020-72: Treasury, IRS unveil online application to help with economic impact payments (4/15/20)

Expanded Unemployment Benefits providing displaced workers an additional $600/week in benefits, in addition to UE benefits provided by the state. These expanded benefits will be available for four months. Further, workers not previously eligible for unemployment insurance, such as self-employed, independent contracts and “gig workers” will also be eligible.

The expansive bill (880 pages) has many more provisions. For more information on what’s included in the stimulus package and remedies available for workers and employers, contact your attorney or tax professional. You may also contact HR Works for referrals to trusted partners who can provide guidance.