Six months ago when this nightmare began, they originally passed the FFCRA, which provided a mandate forcing many employers to provide paid sick and family leave to employees. What they didn’t tell us, was that we could actually, in many instances, get most or all of our money back.
Talk about burying the lead.
Is anyone talking about this? I sure didn’t know about it until I did some continuing professional ed hours last week. I’m going to be writing about this for the next couple of days. Please allow me to refresh your memory.
The law required employers with less than 500 employees to provide paid sick and family leave to their employees. Workers can receive up to 10 days (80 hours) of paid sick leave either for their own health needs or to care for their family members.
Employees can also receive up to 10 weeks of paid family leave to care for a child whose school or childcare provider is closed or unavailable due to C-19 precautions. Employers with fewer than 50 employees may be exempt from these FFCRA requirements when doing so would jeopardize the company’s viability as a going concern.
The available credit includes payroll costs, healthcare plan expenses, and the Medicare match of 1.45%. Healthcare expenses are limited to the amount paid or incurred by the employer to provide and maintain a group health plan only to the extent such amounts are excluded from the employee’s income under an accident or health plan.
The period of time when these credits can be claimed is from April 1st through December 31st of 2020. I will provide more details on this credit in my column this coming Friday.
Let me leave you with this.
There are mixed emotions about the outcome of our election. Many are happy, many are sad. Many think this will bring an unparalleled period of prosperity. Many think that it will be the downfall of our great nation.
One thing is certain. It’s that with 70 million Republicans pissed off, not one city was set on fire. Think about it.
Please allow me to make a prediction. America will go on.
Our nation has survived as countless others have failed for the past 244 years for a reason. We’ve had presidents so incapable they couldn’t lead themselves out of a paper bag if it was fire. We’ve had congresses so inept, that each and every one of them would have probably failed a basic high school entrance exam. We’ve had judges on the Supreme Court that couldn’t reach a decision with a map, a Sherpa guide, a seeing-eye dog, and a pair of binoculars.
Yet somehow our nation continued on.
How are we possible? Most of the countries of the old world have had countless governments since 1776, yet we’ve only had one. Are we special? Simply blessed? What’s our secret?
It’s the strength and can-do spirit of Americans. It’s you and it’s me.
When you wanted to start a business, and those around you told you not to, what did you say?
When you had failures in life and business, and your friends told you to give up, what did you say?
When all around you were failing, and it would have been easier just to go get a job, what did you do?
I’ve had more failures in this life than successes. I’ve always thought that success in this life comes from learning how to fail well. I can’t tell you how many people told me to just pack it in and go get a job. There were certainly times when that would have been the reasonable and rational choice.
But I stuck in there, went to work, and tried every day, just like you.
I got to a point where no SOB on the planet was going to tell me that I wasn’t going to make it, and you know what? I did. This Sunday, November 15, 2020 is my thirtieth anniversary as an entrepreneur.
Why did America make it? It’s because of you and me. Stick in there my brothers and sisters. We’ll do it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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