LGT ProfitSense Insights

Families First Coronavirus Response Act Deadline Approaching

Written by LGT Staff | Mar 31, 2020

While a lot of recent attention focused on the stimulus package contained in the Coronavirus Aid, Relief & Economic Security (CARES) Act signed into law late last week, remember that a significant deadline related to the new Families First Coronavirus Response Act (Families First) is rapidly approaching.  

Key provisions of the Families First Act, like emergency paid sick leave and emergency family medical leave, must be in place by April 2nd. If you’re running a little behind keeping up with the flow of news regarding coronavirus, the CARES Act, and Families First, the government realizes that you’re not alone.

There is a 30-day grace period for implementation of your plans. However, it is in your best interest to act quickly.

Families First is a great way for companies to save money by reducing their payroll tax deposits for employees on paid emergency leave. The result is an immediate, positive impact to your company’s cash flow.

The shelter-in-place orders currently in effect for Dallas and Tarrant counties allows companies to qualify for this cash savings. For additional information, start by reviewing out blog post here and then reaching out to your LGT advisor and payroll processor.

 

 

Please reach out to us about your specific situation before proceeding and also for assistance with the process. Stay informed about future developments by frequently visiting our COVID-19 Financial Updates page.