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COVID-19 Update July 30, 2020

We are hearing that the negotiations among Congress are on a very high level and should expect an outcome in the next two weeks; however, there’s a chance they will make a decision regarding unemployment before the weekend.

It will be interesting to see how COVID-19 affects the dynamics of the workplace long term. Employers are considering allowing clerical and office administrative workers to continue working remotely or offer to the rest of the eligible teams, resulting in significant overhead cost savings and expanded recruitment opportunities unconstrained by geographical boundaries. A shift to remote working may attract more women with family care responsibilities to be more connected to the labor market.

The IRS issued draft form 1095-C for ACA reporting in 2021 to accompany the unchanged transmittal 1094-C form. Applicable large employers (ALEs) will use the final version of the form in early 2021 to show that their health coverage complied with the Affordable Care Act (ACA) during 2020. Additionally, the IRS announced that employer-sponsored health coverage will satisfy the Affordable Care Act (ACA) affordability requirement next year if the lowest-cost, self-only coverage option an employer offers does not exceed 9.83% of an employee’s household income.

Lastly, Deloitte published a US economic forecast based on the second quarter of 2020, covering various sectors and providing insights on the possible scenarios we could face.

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