Small Business Alert: Families First Coronavirus Response Act Phase 2
On Wednesday, March 18th, the Senate passed a slightly revised version of H.B. 6201 and the President signed the “Families First Coronavirus Response Act” into law. The relevant revisions narrow the application of the Act’s leave provisions to exclude employees caring for any persons other than immediate family members due to COVID19 related illnesses or closings. The Act goes into effect on April 2, 2020. Thus, it concludes a so-called “Phase 2” of the federal government’s coronavirus response (Phase 1 was a supplemental appropriations bill with direct impact on small businesses).
As things escalate in the United States, Congress is already pivoting to Phase 3: a fiscal stimulus package that could top $1.5 trillion. A draft bill has yet to be published, but we expect it to include up to $250 billion in funding for small business loans, as well funding for direct cash payments to individuals. A draft bill could be published before the end of the week, at which point new details will emerge.
Laredo & Smith’s Matt Kane will closely monitor Phase 3 and keep you informed of emerging items that could impact you and your business. In the interim, please do not hesitate to contact any Laredo & Smith attorney with your questions. We are here to help.
