Late last night, President Trump signed the Family First Coronavirus Response Act (H.R.6201). This act will provide:
While everyone is (rightly) fixated on Sections 3101 (Emergency Leave), 5101 (Employer Paid Sick Leave) and 7001 (Tax Credits to employers for qualifying paid leaves) -- one item that we are focusing on is section 7002 which provides tax credits to sick leave for “certain self-employed individuals”. For those members unfortunate enough to be in a situation that triggers sick leave under the act (and who are in a position to pay themselves) – there may be some tax advantage there.
Additionally, the Senate continues to remain in Washington until Phase 3 of the bill is complete, which would specifically focus on supporting small businesses, such as your photography studios.
We are actively researching how our PPA family can benefit from the Act and apply for benefits, as well as monitoring progression on Phase 3 of the bill. During this unprecedented and difficult time, it is vital to PPA’s Board, leadership, and staff that we remain available to support our PPA family. We will continue to share the information regarding coronavirus relief on our Facebook page and on this page. Stay safe and stay healthy!