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Watch WebHosting GoDaddy Video: FFCRA: What Small Businesses Need to Know.
Elizabeth Milito, Senior Executive Counsel at NFIB, breaks down the FFCRA (Families First Coronavirus Response Act) and what it means for small businesses. Brought to you by GoDaddy.
On April 1, 2020, the U.S. Department of Labor enacted the FFCRA, or Families First Coronavirus Response Act. The FFCRA provides a way for employers with fewer than 500 employees to offer paid leave to employees so that employees can take time away from work to keep their families and communities safe during COVID-19. After the employees’ maximum 10-day leave is completed, small businesses can apply for reimbursement from the U.S. Treasury and claim the credit on their federal employment tax returns. The FFCRA is one more tool you can use as a small business owner during COVID-19 to keep your business stable and employees healthy and safe.
More on the FFCRA: https://www.openwestand.org/breaking-down-the-families-first-coronavirus-response-act-ffcra-for-small-business-owners/
Sources:
On April 1, 2020, the U.S. Department of Labor enacted the Families First Coronavirus Response Act (FFCRA): https://www.dol.gov/agencies/whd/ffcra
The FFCRA requires many employers to provide paid sick and family leave to those affected by COVID-19: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
The FFCRA allows employers to offset the costs of paid family and sick leave against payroll taxes: https://assets.nfib.com/nfibcom/NFIB-FFCRA-Tax-Credits.pdf
Employers may claim the credit on their federal employment tax returns: https://assets.nfib.com/nfibcom/NFIB-FFCRA-Tax-Credits.pdf
Resources for Small Businesses:
GoDaddy small business tools and resources: https://www.openwestand.org
PPP loan application and eligibility: https://www.sba.gov
For up to date info on COVID-19: https://www.cdc.gov
More COVID-19 resources and grant information: https://www.covid19businesscenter.com
The information contained in this video is provided for informational purposes only, and should not be construed as an endorsement or advice from GoDaddy on any subject matter.
#OpenWeStand #GoDaddy #FFCRA
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