As one of the worst-hit economies during COVID-19, the USA has taken various steps to fast-track recovery. Forced closure of businesses due to lockdowns has not only disrupted supply chains, but driven many businesses to closure, leading to significant job cuts.
The US government is taking various steps to help businesses avoid job cuts. The US Congress has passed a massive stimulus bill that offers major tax reliefs to both businesses and individuals, provides for hundreds of billions of dollars in new spending, expanding unemployment insurance and providing a cash handout to low and middle-income Americans.
Here is how business leaders can HALT and consider the incentives available under the stimulus package
Emergency Paid Sick Leave Act (EPSLA)
- Employers with less than 500 employees are required to
provide up to 80 hours of paid sick leave to both full- and part-time employees.
Emergency Family and Medical Leave Expansion Act (EFMLEA)
- Under this act any individual employed by eligible employers (having less than 500 employees) for at least 30 days (before the first day of leave) may take up to 12 weeks of job-protected leave.
Emergency retention credit for employers - subject to closure due to COVID-19
- The credit is available to all employers regardless of size, including tax-exempt organisations. Qualifying employers must fall into one of two defined categories, calculated in each calendar quarter.