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After months of debate, Congress has passed, and President Trump is expected to sign, a COVID-19 relief, appropriations, and tax bill. Doubtlessly, the Bill, which is nearly 6,000 pages long, will undergo much scrutiny and analysis over the ensuing days and weeks.
But, judging from available legislative summaries, the following are key provisions of which employers should be aware.
Tax Provisions
Extension and Expansion of the Employee Retention Tax Credit (ERTC):
The Bill extends and expands, through July 1, 2021, the CARES Act’s refundable ERTC. The extension is aimed at helping to keep additional US workers on payroll and more small businesses and nonprofits across the country remain afloat. Specifically, the Bill, among other things:
Unemployment claims rise in Iowa qconline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from qconline.com Daily Mail and Mail on Sunday newspapers.
N.J.’s unemployed workers wait to see if benefits will be extended as 17k more claims are filed
Updated Dec 23, 2020;
While Congress and President Donald Trump work out a stimulus deal that may include an extension of unemployment programs before they expire in a few days, more workers in New Jersey workers have filed for jobless benefits.
Another 17,611 claims were filed for the week ending in Dec. 19, the Labor Department announced Wednesday. It marks a 7.6% increase, or 1,243 more claims since the week prior, partially driven by a bump in claims from construction workers due to the storm that covered the state in snow.
Dec 22, 2020
The Oregon Employment Department is pleased that Congress has passed an extension of federal benefit programs, including Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC). Without an extension of PUA or PEUC, approximately 70,000 Oregonians would have lost a vital safety net after Dec. 26. We are glad Oregonians no longer have to worry about an abrupt end to this critical financial support.
We are moving quickly to make changes and implement the federal relief programs recently passed. Right now, we are waiting to receive rules and instructions from the U.S. Department of Labor. The holidays may impact how quickly the U.S. Dept. of Labor gets guidance to us; however, we will work through the holidays and do what we can to make programmatic changes and get benefits out the door as quickly as possible.