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