Coronavirus: Six keys to understanding the new US stimulus package | USA elpais.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from elpais.com Daily Mail and Mail on Sunday newspapers.
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Last week we reviewed five of the most common, and problematic, labor and employment law issues in bankruptcy. You can read last week’s article here. Below are five additional labor and employment law concerns in bankruptcy that companies must know and assess when they are undergoing bankruptcy.
6. Back Wages
Companies must obviously pay their employees. The Bankruptcy Code recognizes this and places a priority on employee wages and benefits that were earned prior to the filing of a bankruptcy proceeding. Employee wages, salaries and commissions owed by an employer, $13,650 in 2020, that were earned within 180 days of a company filing for bankruptcy are given a higher priority in a bankruptcy proceeding (fourth priority level). Contributions to an employee’s benefit plan that were owed within 180 days of the company filing for bankruptcy, up to $13,650, are given a fifth level priority in any bankruptcy proceeding.
Here is a guide to what is included in the plan, which is scheduled to go before the House for final approval Tuesday and then would head to Biden for his signature.
The Senate passed its version of the $1.9 trillion American Rescue Plan on Saturday. The pandemic relief bill now goes back to the House of Representatives, which must approve the Senate’s changes before it can go to President Biden’s desk. Here are some answers to some frequently asked questions.
Here is a guide to what is included in the plan, which is scheduled to go before the House for final approval Tuesday and then would head to Biden for his signature.