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On March 11, President Joe Biden signed into law the latest round of COVID-19-related legislation, which will provide additional relief to workers and employers through tax credits, expanded federal unemployment benefits and additional small-business aid.
The new law has many requirements, as described in a Society for Human Resource Management (SHRM) summary of provisions related to the workplace, including:
· COBRA continuation coverage.
· Dependent care flexible spending accounts. The law raises the 2021 contribution limit for dependent care flexible spending accounts to $10,500 for single taxpayers and to $5,250 for married individuals filing separately. The provision raises the exclusion limits for the plan year beginning after Dec. 31, 2020, and before Jan. 1, 2022.
· Modification to the Paycheck Protection Program.
· Veteran Rapid Retraining Assistance Program.
· The extension of federal pandemic unemployment assistance.
· The extension of pandemic emergency unemployment compensation.
· The extension of emergency unemployment relief for governmental entities and nonprofit organizations.
· Employer credits for paid sick and family leave.
· The employee retention credit.
Full details here: Summary of provisions related to the workplace
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