15 Mar Legislation updates for small businesses: The American Rescue Plan Act
The new American Rescue Plan Act has a few topics that affect small businesses, as #MattTheLawyer explains in the video below:
- Family First Coronavirus Response Act (FFCRA): This federal paid leave will remain voluntary through September 30, 2021.
- If you are going to offer it, it must be available to everyone.
- The ten-day bank of leave will reset on April 1, 2021 (this is still voluntary)
- Tax credits have been modified and now the maximum you can apply for is $200 per day and up to $12,000 per employee.
- The $15 federal minimum wage is not part of this bill
- There will be an additional $300 weekly federal unemployment payment to supplement state-based unemployment available through Labor Day.
Here is the full legislation if you’d like to read it.