On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law. The CARES Act amends certain provisions of the Families First Coronavirus Response Act (“FFCRA”). CARES also temporarily eliminates deductibles for certain services in HSA Qualified High Deductible Health Plans (HDHPs), and temporarily expands the list of qualified expenses reimbursable through HSAs, HRAs, and FSAs.
On March 18, 2020 the President signed into law the Families First Coronavirus Response Act (FFCRA), which takes effect April 2, 2020. The FFCRA includes several provisions that impact employers with less than 500 employees, with allowable exemptions for affected employers with fewer than 50 employees. This blog post addresses the three (3) main aspects of the FFCRA: 1. Mandated waiver of health insurance related cost sharing for COVID-19 testing; 2. New paid leave entitlements; and 3. Employer tax credits.