IRS Implements COVID-19 Related Relief

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave

News of this dramatic relief option was announced, March 20, 2020. COVID-19 has disrupted the world as we know it, causing the government to take action. For more information, check out the link below.

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1 Comment

  1. Ross Chod

    While i dont have any employees who’s health is affected yet, our business is closed and generating zero revenue. The IRS website appears to say that, in order to avoid layoffs, employers can receive up to $510 dollars per day per employee of sick leave credit (at the employees regular rate of pay), for up to 10 days. How does my business take advantage of this? Are there any downsides to doing this? In the setting of an S-corp, can the business owner take advantage and not just pay employees, but also pay him/herself and still benefit from this tax credit?

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