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For Private practice owners: a brief summary of COVID19 Legislation(FFCRA)

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  • For Private practice owners: a brief summary of COVID19 Legislation(FFCRA)

    Pres Trump signed into law the Families First Coronavirus Response Act (FFCRA). I wrote a brief summary of it here. Hope it helps someone. There are a lot of unanswered questions right now, that I'm sure will be clarified as time goes along.
    In an attempt to reduce economic hardship for individuals and families due to the Coronavirus pandemic, there is a new piece of legislation: Families First Coronavirus Response Act (FFCRA) that takes effect April 2nd, 2020. Spirit of the Law It broadens the safety nets usually reserved for employees of large organizations to those employed by …
    Blogger at Physician Finance Basics

  • #2
    Informative article.

    Self employed individuals, such as independent contractors and partners in partnerships are eligible to receive some help in this regard. They may get a tax credit against the self-employment tax they pay- for both FMLA and paid sick leave- just as if they were employees.
    Does this mean if I have to close my practice because I get sick myself, I could get a deduction on my self employment tax?
    "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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    • #3
      Originally posted by Cubicle View Post
      Informative article.



      Does this mean if I have to close my practice because I get sick myself, I could get a deduction on my self employment tax?
      Thanks for reading, Cubicle. That is a great question. I suspect the answer is yes but specifics are hard to come by at this time. I do not know how broadly or generously the law will be interpreted. Lawyers and accountants will be busy trying to figure that out. Plus, remember the amounts are capped. If someone is personally affected by COVID, it is capped at $500/day for 2 weeks [80 hours (for full time workers) or 2x weekly hours(for part-timers)]. Stay safe!
      Blogger at Physician Finance Basics

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