The U.S. House of Representatives has recently passed the Families First Coronavirus Response Act. The bill is just awaiting the Senate’s consideration and approval before being passed to U.S. President Donald Trump to make it full-fledged legislation.
Trump has already declared a national emergency in light of the global pandemic caused by the novel coronavirus. Democrats felt the need to strike a deal with the Trump administration to help cushion the nation’s economy from the negative impact brought about by COVID-19.
Effects of the Pandemic
The announcement came as soon as the global health crisis’ effects are immediately felt by the American economy. Critical sectors have slowed down because of the global disease.
Schools have been shut down. Grocery stores saw hordes of panic buyers pick clean their shelves. Air travel has been suspended with only a small percentage remaining operational. Stock markets have plummeted. Trade and commerce have been greatly affected.
With all that’s going on, the House of Representatives unanimously voted to approve the proposed aid bill. The said bill is inclusive of:
- Enhanced benefits for the unemployed
- Free virus testing
- Added funding for Medicaid and food assistance
Federal Tax Relief
The Act states that employees are to be allowed temporary emergency paid leaves to attend to themselves or family members affected by the health crisis. They are also granted temporary federal tax credits that will help employers and self-employed individuals subsidize the cost. The limits, however, are determined by the company’s size. So if you’re one of the smaller property tax grievance companies in Suffolk County NY, the limits of the relief will be proportional to how big your company is as a whole.
Some of the benefits stated in the bill are:
- Required Paid Sick Leaves Payroll Credit
- Self-Employed Individuals Sick Leave Credit
- Required Family Leave Payroll Credit
- Self-Employed Individual Family Leave Credit
State Tax Relief
While there is no final word yet on the previously announced possibility of a tax extension, some states, like California, have already granted businesses a 60-day extension request under certain conditions. Others, like Oregon, Maryland, and Arizona, have expressed their intentions of conforming to a federal filing extension as recommended.
America joined the rest of the world in implementing the best preventive measures against the spread of the virus. At least, according to how much scientists and medical experts know about the virus.
The usual was always washing your hands, not touching your face, and keeping your distance. However, social distancing has indefinitely put a hold on certain industries and sectors that required people to come together and be around each other such as entertainment and dining.
These two sectors, especially entertainment, are big crowd drawers and revenue earners. The suspension of events, concerts, sports, and other similar large crowd gatherings have put a lot of people’s jobs on the line.
We are faced with the worst health crisis in a century. Unfortunately, things might get worse before it starts to get better. We can only rest our hopes that the government will do everything in its power to protect the nation not just from the coronavirus but economic downfall, too.