Community Associations Institute

H.R. 6201 – The Families First Coronavirus Response Act

Economic Injury Disaster Loan Program authorized - Community associations and business partners in designated states eligible to apply for SBA Economic Injury Disaster Loans.
Designated states include: CA, CT, DE, DC, FL, GA, IN, ME, MA, MT, NV, NH, NJ, NM, NC, RI, UT, and WA (as of 3/19/2020)
State governors must request approval for participation
Economic Injury Disaster Loans provide up to $2 million in low-interest working capital loans to counter revenue loss
SBA Disaster Assistance One-Pager
SBA Coronavirus Disaster Loans
Additional information at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Companies with fewer than 500 workers are required to provide 12 weeks of partially paid Public Health Emergency Leave to employees that have been employed at least 30 calendar days, and who are unable to work (or telework) due to:

a need to care for a child under age 18 whose school or day care has been closed or
the unavailability of a childcare provider due to a public health emergency (declared by a Federal, State, or local authority)

Full-time and part-time workers must be provided two weeks paid leave if under a quarantine order or if caring for quarantined or ill member of the household.
An employee may elect to use other paid leave (vacation, sick leave, personal leave) during the unpaid leave period.
The U.S. Department of Labor may exempt businesses with fewer than 50 employees from paid leave requirements and public health emergency leave mandates if compliance will jeopardize the viability of the business.
Program funded through refundable tax credits.

Length: up to 12 weeks (offset by prior use of Family and Medical Leave Act annual allotment).
Leave structure: unpaid for first 10 days, then at least 2/3 of normal pay, capped at $200 per day and not to exceed $10,000 in total benefits.
Employer Tax Credit: up to $200 per day of wages advanced, capped at $10,000 total.
Self-employed Tax Credit: the lesser of $200 per day or 67% of average daily self-employed income.

Employers are required to provide paid sick leave during the COVID-19 public health emergency to employees due to:

a Federal, State, or local quarantine order.
a recommendation from a healthcare provider to self-quarantine.
the employee experiencing known COVID-19 symptoms and is seeking a medical diagnosis.
the employee is caring for an individual subject to a quarantine order or who has been advised by a healthcare provider to self-quarantine.
the employee is caring for a “son or daughter" if the school or childcare center or childcare provider is closed or unavailable due to the COVID-19 public health emergency.

Sick leave authorized under the Act is to be available immediately with no accrual period.
Employers must post information on emergency paid sick leave in conspicuous locations.
Benefit Amount:

For a worker with a positive COVID-19 diagnosis or under quarantine order - normal wage or applicable minimum wage, whichever is greater, capped at $5,110
For a caregiver - 2/3 of normal or applicable minimum wage, capped at $2,200

For self-employed individuals subject to a quarantine order, physician self-quarantine request, or are seeking a COVID-19 diagnosis - a self-employment tax credit equal to eligible lost wage amounts ($511 per day limit)
For self-employed individual acting as a caregiver - the lesser of $200 or 67% of average daily self-employed income

July15^th is the new filing deadline for all federal income taxes.
Individual and non-corporate tax filers may defer up to $1 million in federal tax payments due on April 15, 2020, until July 15, 2020 without penalty or interest.
Corporate tax filers may defer up to $10 million of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalty or interest.
Additional information at https://home.treasury.gov/news/press-releases/sm948