IRS Offers Employee Retention Tax Credit to Qualifying Businesses
The United States Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit is available to marketers who continued to pay employees during the COVID-19 outbreak.Click here for the full regulatory report
FMCSA Issues Guidance for Drug Testing During Emergency
Federal trucking regulators have issued “reasonable flexibility” guidance for motor carriers and drivers to follow for drug and alcohol testing during the COVID-19 emergency.
Pelosi Says Infrastructure Talks with Mnuchin are Accelerating for Phase 4 Package
House Speaker Nancy Pelosi (D-CA) said talks between Treasury Secretary Steven Mnuchin and Ways and Means Chairman Richard Neal (D-MA) on funding for infrastructure are accelerating. Pelosi told reporters Thursday that she spoke with Mnuchin the previous night about implementing last week’s coronavirus stimulus bill quickly and looking ahead to the next legislation, which could include infrastructure spending. On Wednesday, Pelosi and other Democratic leaders said the next coronavirus stimulus bill should include at least $760 billion for water projects, broadband and transportation, as well as additional support for community health centers, education and housing to strengthen U.S. infrastructure and the economy. Senate Majority Leader Mitch McConnell (R-KY) stated that Pelosi’s comments about a “Phase 4” coronavirus response measure were “premature.”