CARES and FFCR Acts Summaries

CARES and FFCR Acts Summaries


Ross Williams

3/31/2020

Dear Treasurers, Finance chairs and Pastors,

Please see information below on two acts that were recently signed into law in response to the COVID-19 pandemic.  At the bottom of this e-mail you will find links to additional summaries of these acts.

To register for a free Webinar for churches on the CARES Act, being held Thursday, April 2nd at 12:00 noon click here

The Coronavirus Aid, Relief, and Economic Security Act (CARES) creates new small business lending programs, including for non-profits; significantly expands unemployment assistance to those unemployed because of COVID-19, including to many who might not otherwise be covered; expands access to retirement plan funds; and creates payroll tax incentives for employers, including tax-exempts, to retain employees; among other relief.

Summary of the CARES Act

The Families First Coronavirus Response Act (FFCRA) goes into effect on April 1, 2020, and will remain in effect until December 31, 2020.  It requires certain employers to provide new, and temporarily available, paid leave to employees who are impacted by COVID-19-related issues in certain ways. Specifically, the FFCRA requires those employers to provide up to 80 hours of paid sick leave and up to 12 weeks of leave under the Family and Medical Leave Act (“FMLA”), the first 10 days of which are unpaid.

Summary of the FFCRA

Sincerely,

Ross