To take immediate advantage of the paid leave credits under the FFCRA, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting Form 7200.
We know that for many of our clients, business slowdowns related to the spread of COVID-19 have made it hard to imagine how they could bear any additional expenses. We encourage anyone with these concerns to read the Treasury, IRS, and Labor Announcement on FFCRA Implementation announcement carefully.How do employers pay for leave under the #FFCRA? @RealThinkHR explains: Click To Tweet