1. Congress Passes Families First Coronavirus Response Act
On March 18, 2020, the President signed into law the Families First Coronavirus Response Act (H.R.6201). NECA was able to work with Members of Congress to address many of the concerns related to paid sick leave and paid family leave. H.R. 6201 states that the paid sick and family leave mandate is optional for businesses with less than 50 employees and makes no mandate or credit for businesses with more than 500 employees. The new provision ensures that no business will be saddled with a financial liability larger than the payroll tax credit it receives. More information is available in NECA’s full summary.
NECA’s Look Ahead: The legislative process remains fluid and this bill is the second in a series of at least three bills designed to address this crisis. NECA continues to work with Members of Congress to ensure economic relief for our contractors in the Phase III stimulus package.
2. The U.S. Department of the Treasury and IRS to Provide Relief from Tax Payments
On March 18, 2020, the U.S. Department of the Treasury released a statement on what was being done to minimize the impact COVID-19 has on families and small businesses. This guidance allows tax payments to be deferred until July 15, 2020, with no penalties or interest. Those individuals that owe less than $1 million and corporations that owe less than $10 million qualify for this relief. The IRS resource page on Coronavirus Tax Relief can be found here.
NECA’s Look Ahead: NECA supports the actions being taken by the U.S. Treasury Department and IRS. We will continue to monitor the impacts of COVID-19 legislation on NECA contractors as well as any changes the Federal Government makes to provide relief.
3. Register Today for the Government Affairs Webinar
On March 26, 2020 at 2:00 PM EST, NECA’s Government Affairs team will be hosting our quarterly Political Leadership Council (PLC) town hall webinar, but for one time only, we are allowing all NECA members to register for this webinar. NECA is devoted to keeping all our contractors up to date on the latest in Washington concerning the coronavirus.
NECA’s Look Ahead: The webinar content will focus on the legislation included in the coronavirus response package. The team will give an overview of Phases I and II, that have already passed Congress, as well as the status of Phase III.