Dear Clients and Friends,

At SSB, we are monitoring the developments involving COVID-19 and are available to assist you during these trying times.  As we learn more, we will update our list of resources which will be available at  https://www.ssb-cpa.com/news/.

Currently, Congress is working on the Families First Coronavirus Response Bill  which would provide the IRS with $15 million to implement tax credits for paid sick, family and medical leave.  Generally, as currently written, the bill would provide the following refundable tax credits:

  • a refundable tax credit equal to 100 percent of qualified paid sick leave wages paid by an employer for each calendar quarter.  The tax credit is allowed against the tax imposed by Code Sec. 3111(a) (the employer portion of Social Security taxes);
  • a refundable tax credit equal to 100 percent of a qualified sick leave equivalent amount for eligible self-employed individuals, and those caring for a family member or for a child whose school or place of care has been closed due to coronavirus, the bill would provide a refundable tax credit equal to 67 percent of a qualified sick leave equivalent amount;
  • a refundable tax credit equal to 100 percent of qualified family leave wages paid by an employer for each calendar quarter.  The tax credit is allowed against the tax imposed by Code Sec. 3111(a) (the employer portion of Social Security taxes); and
  • a refundable tax credit equal to 100 percent of a qualified family leave equivalent amount for eligible self-employed individuals.

These provisions are not yet final and are subject to change.  We will continue to monitor the progress on this bill and will provide information on the details when a final conclusion is reached.

Other resources include:

Please contact your SSB advisor as you need assistance in the upcoming weeks.  As always, we are here to help, and we will navigate this together.