Treasury Secretary Steven Mnuchin on March 17 announced that individuals can defer tax payments up to $1 million for 90 days and corporations can defer tax payments up to $10 million for the same period. Specific details on tax payment relief were announced today by the IRS.
The Senate today voted 90 to 8 to pass the COVID-19 relief legislation (H.R. 6201) recently approved by the House, clearing the measure for the White House without further change. H.R. 6201 provides a new business tax credit for certain employers with fewer than 500 employees to provide paid sick leave and paid family and medical leave through the end of 2020.
The Senate is discussing a range of options for an economic stimulus package to respond to the economic effects of COVID-19. The Treasury Department today released proposals for a $1 trillion stimulus plan.
President Trump and Congress are responding to the developing COVID-19 public health emergency and its impact on US business activity with specific proposals for economic stimulus and targeted relief. Stakeholders should engage with policymakers to ensure that issues and proposals affecting their business operations and employees are carefully considered.
For Senator Schumer’s statement on Senate Democratic stimulus proposals, click here.