Congress Approves Coronavirus Relief Packages

Contributed By BSCAI         

Each month, BSCAI issues a Government Affairs column that highlights some of the important things happening on Capitol Hill that affect your business. For more information, contact Kevin McKenney at kmckenney@bscai.org.

Congress Passes COVID-19 Phase 3 Stimulus Package

Congress recently passed H.R. 748, the CARES Act, which a $2 trillion relief package that will help shore up the U.S. economy in response to the COVID-19 pandemic. The bill builds upon the Families First Coronavirus Response Act passed recently and contains a number measures aimed at helping a wide range of sectors, especially smaller businesses and unemployed individuals as well as other measures that are beneficial to building service contractors.

For additional information, contact Kevin McKenney at kmckenney@bscai.org.

Congress Passes COVID-19 Phase 2 Relief Package

Congress recently passed H.R. 6201, the Families First Coronavirus Response Act, which provides economic relief to individuals impacted by the COVID-19 outbreak. Among the provisions relevant to BSCAI members, H.R. 6201 requires businesses with fewer than 500 employees and government employers to provide qualified employees with two-weeks of paid sick leave. Each quarter, businesses subject to the requirement are entitled to a fully refundable tax credit equal to 100 percent of the qualified sick leave wages paid by the employer.

In addition, the legislation mandates businesses with fewer than 500 employees and government employers to provide qualified employees up to 12 weeks of paid family and medical leave. Each quarter, businesses will be entitled to a fully refundable tax credit equal to 100 percent of the qualified paid family leave wages paid by the employer.