Photography by Karolina Grabowska
Today, the U.S. Senate released its version of round-two Covid-19 relief. CARES 2.0, officially titled the “American Workers, Families, and Employers Assistance Act,” includes a substantial expansion of the Work Opportunity Tax Credit (WOTC).
Unfortunately, CARES 2.0 does NOT include an extension of WOTC beyond 2020. Hopefull an extension will come later.
The Senate bill proposes to add a new WOTC target group known as “2020 COVID-19 Unemployment Recipients.” The definition of a qualified employee would be very simple. The person must have either received (or have been approved to receive) unemployment compensation during the week of their hire date, or the week immediately preceding their hire date.
These are unexpected and difficult days. You’re very fortunate if Covid-19 has not disrupted your job or your workplace to some degree. Our office is experiencing the same kind of challenges.
Many people are working from home. If that’s an option in your industry, it’s a great blessing. These circumstances are forcing many of us to learn new ways to get it all done. When the Covid-19 contingencies are over, some industries will almost certainly choose to continue the work-from-home trend.
For now, however, many enterprises have little choice but to lay off workers. Millions of people are (at least temporarily) losing their jobs. It’s painful. It’s scary. But don’t lose hope because . . .
This article (click here) came out yesterday from Lexis Nexus’ Law 360 Tax Authority. It appears that the publisher has made it available without a subscription because it relates to covid-19 legislation. I’ll provide just a couple of quotes for you to test your interest.