More aid for COVID relief? Always sounds like a good idea even though the effect on taxes and/or the country’s debt remain to be seen. Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. The law generally provides financial relief for individuals, state and local governments, schools, businesses and for other purposes.
In addition, the law contains the following measures of special interest to employers and their employees:
A subsidy for COBRA premiums, funded through employer tax credits (described in more detail below)
Extension of employer tax credits for FFCRA employee leave voluntarily provided through Sept. 30, 2021
Expansion of employee earnings eligible for the FFCRA tax credit
Inclusion of testing and immunization as reasons for FFCRA leave
Extension of $300 increase in weekly unemployment benefits
Extension of weekly unemployment benefits for workers who otherwise wouldn’t qualify for these benefits
Expansion of subsidy for ACA premiums
Increase in DCAP contribution limits
Extension and expansion of the employee retention tax credit
As a small business owner, it’s essential that you review the ARPA’s provisions to identify any requirements and opportunities that apply to your business. Don’t forget to also watch for official guidance on the implementation of the law.
Following these laws and keeping track of your business’ health insurance needs can be difficult. NY Small Health can help shortlist the best insurance policies at the best price for your company. NYSH works with state of the art insurance companies like HealthPass that offers exclusive membership to a curated bunch of plans from the country’s most well-known insurance providers, combined with great customer service and technology.
To learn more about health insurance and benefits, talk to one of the insurance experts at NY Small Health.