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The DBL Center - Insurance Wholesaler

Niche Insurance Specialist. Your Insurance Wholesaler since 1976

T (631) 293 51 00
Email: Info@dblcenter.com

Niche Insurance Specialist.
155 Pinelawn Road Suite 120S Melville, NY 11747

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  • Federal “Families First Act” Should Relieve Pressure on PFL Claims Amidst COVID-19 Pandemic
March 30, 2023
Michael Cohen
Monday, 23 March 2020 / Published in Coronavirus Pandemic, NYS DBL, Paid Family Leave

Federal “Families First Act” Should Relieve Pressure on PFL Claims Amidst COVID-19 Pandemic

In an attempt to keep the economy moving and provide Americans with the financial relief they need during the COVID-19 pandemic, the Federal government has introduced the “Families First Coronavirus Response Act.”

Beginning April 2, this act provides emergency paid sick leave benefits to employees unable to work for a variety of reasons. Employees may be eligible for paid leave if they are unable to work because they are:

  • In quarantine or isolation as a result of the COVID-19 pandemic
  • Exhibiting symptoms of COVID-19 and in quarantine
  • Caring for someone in quarantine or isolation as a result of COVID-19
  • Have children in schools or daycare that have closed because of the pandemic

Employers with fewer than 500 employees must provide two weeks’ worth of paid sick leave. Employers will receive tax credits to offset these costs, hopefully minimizing the financial impact on their business.

Employees are also entitled to up to 80 hours of paid sick time at 2/3 the regular rate of pay, and an additional 10 weeks of paid family leave if the employee is unable to work because they need to care for a child whose school or childcare provider is closed for reasons related to the COVID-19 pandemic.

It’s important to note that this paid leave coverage is from the federal government and is not related to NYS PFL.

The legislation also ensures that employees do not have to use any other paid time off in lieu of federal paid leave benefits. Employers also cannot mandate that employees find replacement workers.

NYS PFL Claims in Light of Coronavirus Pandemic

Until April 2 when Families First goes into action, New York State has stepped in to help employees with COVID-19 Emergency Paid Sick Leave, compensated in many cases through New York State DBL and PFL benefits. To help employees stay afloat during this challenging time, the state has waived the five-day waiting period before PFL benefits kick in.

Employers with fewer than 10 workers and less than $1 million in annual net income will still rely on DBL and PFL benefits for their employees, paid concurrently for a combined $2,884.62.

Those with 10 or fewer employees but net revenue exceeding $1 million, or employers with 11 to 99 employees must provide workers with at least 5 days paid sick leave, not counting any PTO they have accrued in the past. After that, employees can make a concurrent PFL / DBL claim for paid leave from Day 6 onward.

Businesses with 100+ employees and public employers are fully responsible for full salary continuation for a minimum of 14 days.

PFL programs only pay out for the intended duration of the quarantine period, which is 14 days. However, if the employee has not exhausted their paid leave from New York State by April 2, those benefits will end regardless. Employees will have to file a federal claim to begin collecting benefits again, this time under the Families First Act. Benefits under the Families First Act apply to companies with fewer than 500 employees.

Stimulus for Business Owners During the Pandemic

It is not easy balancing the economic well-being of our nation with the health and safety of our residents. It’s a challenge many business owners grapple with, as well, during this trying time.

In addition to lowering the federal interest rate, the U.S. government has introduced – or is in the process of introducing — legislation that will help small and large businesses stay afloat while we fight the pandemic with social distancing and isolation.

Last week, the Federal Reserve introduced the Money Market Mutual Fund Liquidity Facility, a program that lends money to banks to purchase assets from money market funds. Lending will not affect bank capital requirements, according to finance site Investopedia.

The government also introduced the Term Asset-Backed Security Loan Facility (TALF), enabling the purchase of asset-backed securities backed by auto loans, student loans, and small business loans to unfreeze credit and help stabilize the economy throughout the pandemic and during the economic recovery period afterwards. These measures will run until September 30, 2020, unless they are extended at that time.

The Fed is also working on a Main Street Business Lending Program. We will reveal details as they become available.

Ultimately, avenues will be available to keep large and small businesses afloat and give them access to the funds they need through loans and tax credits. Here at DBL Center, we will do our best to keep you apprised of changing legislation as it pertains to our brokers and their customers.

Stay safe, stay healthy, and know that the DBL Center is here, as always, to serve as your back-office staff as we get through these trying times together – remotely.

Tagged under: corona-conomy, Coronavirus, COVID-19, Families First Stimulus, NY Paid Family Leave, Paid Family Leave in NY, Pandemic

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