PILLAR #3
KNOWING THE RULEBOOK
Government programs to help you during COVID-19
In response to the COVID-19 crisis, the Federal government has passed several stimulus packages meant to assist families and businesses during this time. Here is an overview of the bills:
Families First Coronavirus Response Act
In response to the COVID-19 (coronavirus) pandemic, the Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020. The FFCRA dedicates tens of billions of dollars for paid sick and family leave, unemployment insurance, free COVID-19 testing, and other measures to help Americans impacted by the pandemic. This is accomplished through: • Paid Sick Time provision • Expansion of FMLA
Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES) is a financial stimulus package designed to help small businesses. You could get a loan of up to $10 million to stay afloat and help offset the financial challenges created by the COVID-19 pandemic. • Payroll Protection Plan • Payroll Tax Credits
Regulations and guidelines around these relief programs are changing rapidly. Please visit our resource center for the latest updates:
Advance Partners COVID-19 Resource Center
Other Regulations to Note
The New Form W-4
In order to address problems from the 2019 filing season, the IRS overhauled the process for determining how much federal income tax an employer must withhold from an employee's paycheck. As part of the fix, there's a new Form W-4 for employees to use starting in 2020. Learn more.
New Overtime Rules
On December 12, 2019, the U.S. Department of Labor (Department) announced a Final Rule that will allow employers to more easily offer perks and benefits to their employees. The rule marks the first significant update to the regulations governing regular rate requirements under the Fair Labor Standards Act (FLSA) in over 50 years. Learn more.