October 1, 2020 Coronavirus, Year-End Payroll Planning

Be Aware of FFCRA & CARES Limits

The COVID-response acts are meant to help employers and employees during an unusually difficult year. It is important for employers to understand both the opportunities and the limitations of these acts. As we roll into the fourth quarter of 2020, revisiting the limits might help with reconciliation, balancing and compliance.

 

FFCRA Limits:

Personal Sick (if the employee has COVID-19):

  • $511 per day
  • $5,110 Total
  • Total Leave Hours = 80

Caring for a sick family member:

  • $200 per day
  • $2,000 Total
  • Total Leave Hours = 80

Family and Medical Leave Act:

  • $200 per day
  • $10,000 Total
  • Total Leave Hours = 400

 

CARES Limits:

The maximum amount of wage and healthcare credits that can be taken under the CARES Act is $5,000 per employee. Qualifying wage and healthcare benefit amounts that have been claimed as part of the FFCRA are not eligible for employee retention credits under the CARES Act.

 

There’s Still Time to Claim COVID Act Credits with Wise Consulting

If you have any questions about these limits or about the claiming credits (there’s still time!), contact our Wise payroll and tax professionals. Reach out to start a conversation at HCMHelp@wiseconsulting.com, or call 800-654-4550.

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