Federal Families First Coronavirus Response Act

During these uncertain, dangerous and often maddening times, those of us who have taken on the responsibility of overseeing the safety, management and perpetuity of our co-op and condo corporations are faced with increasing challenges, beyond those that individually impact our families, friends and neighbors — those brand new issues confronting employers.

The Federal Families First Coronavirus Response Act (“FFCRA”) became effective on April 1,2020.

Among other requirements, FFCRA requires employers with fewer than 500 employees to provide expanded paid leave pursuant to the Emergency Family and Medical Leave Expansion Act and paid sick leave benefits pursuant to the Emergency Paid Sick Leave Act, in addition to existing paid leave, to those employees affected by the COVID-19 pandemic.

FFRCA permits eligible employers to receive tax credits for the cost of wages paid during such leave, allocable qualified health care expenses, and the employer’s share of Medicare tax paid for leave. The Internal Revenue Service released guidance and the U.S. Department of Labor released regulations outlining the documentation that employers must have in order to approve a leave request and obtain a tax credit.

Important information regarding the new regulations and guidance may be found here.

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