Small and mid-size businesses will be able to recover some of their coronavirus-related costs under new guidelines from the IRS and the Treasury and Labor departments.
IRS and Treasury announced in a news release Friday that those businesses would be able to take advantage of two new refundable payroll tax credits, “designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.”
- Congress recently passed a stimulus bill, H.R. 6201, that gives workers at companies with fewer than 500 employees up to 12 weeks of paid family and sick leave to deal with issues related to Covid-19.
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