RubinBrown Partner Tony Nitti as featured on Forbes:
Congress has agreed in principle to a $2 trillion relief package. What tax benefits does it offer individuals and businesses?
The Senate and House have both proposed bills that would provide immediate cash payments to most adult Americans. The amounts of the payments, however, differ greatly.
Section 139 was designed for times like these; it allows an employer to make tax-free payments to employees to cover certain COVID-19 related expenses.
The CARES Act would attempt to put money in the pocket of most Americans. But how would it work?
Keeping informed about the virus
The Centers for Disease Control website is a key resource for national information on the spread of COVID-19, what you can do to protect yourself, and what to do if you get sick. Since the spread within the U.S. is confined (so far) to specific geographic areas, it is also important for organizations to monitor their local public health departments for updates on testing, quarantine, and possible limits on public gatherings.
Communication is key in a time of crisis. Your organization should identify a small, cross-functional group of people responsible for key communications to both employees and customers. Since the impact of COVID-19 is localized, but also changes daily, it’s important that this team be able to monitor news from the geographic areas specific to the organization’s employees and customers, and communicate this news effectively.
Take care of employees
For your employees, make sure there is a central, reliable system to communicate day-to-day changes related to COVID-19. This platform may be a combination of the organization’s website, e-mail, and a 1-800 number but should be broadcast widely so employees can access relevant information easily from the office, home, or the road.
Take care of clients, customers and your supply chain
While customers and suppliers may understand that the spread of COVID-19 will impact your business, they need to be reassured that you have a plan to mitigate the impact of the virus on shipments, sales calls, customer service, or other parts of the business.