March 20, 2020 / 11:20 PM / in 11 days

U.S. opens tax credits to small, mid-sized firms for virus-related leave

WASHINGTON (Reuters) - The U.S. Treasury, Internal Revenue Service and Labor Department on Friday said small- and mid-sized employers can now access two new refundable tax credits under emergency coronavirus legislation signed by President Donald Trump on Wednesday.

The payroll tax credits are designed to “immediately and fully reimburse” the employers for the cost of providing virus-related leave to their employees, the agencies said in a joint statement released late on Friday.

Reporting by Andrea Shalal and David Lawder; Editing by Chris Reese

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