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On March 11, 2021, President Biden signed H.R.1319 - American Rescue Plan Act of 2021 (“Rescue Plan”) into law a $1.9 trillion stimulus bill. Here are five things every employer should know about the bill.
1. FFCRA Tax Credits Have Been Extended
The Rescue Plan extends the Families First Coronavirus Response Act (FFCRA) tax credit provisions again through September 30, 2021. (The ability to recoup the cost of FFCRA leave was previously extended in December 2020 through March 31, 2021: See related article here. Employers that opt to voluntarily provide FFCRA leave will be credited 100 percent for all qualifying wages paid under the FFCRA.