Employment: Stimulus Bill Information
Companies who are the beneficiaries of funds from the stimulus package should take note. New whistleblower provisions and employment-related provisions touching on immigration law are included in the bill. In addition, there are compensation restrictions in place for executives of public companies receiving Troubled Asset Relief Program (TARP) funds.
Whistleblower Protection: Protects non-federal employees of employers receiving funding under the stimulus bill.
Prevailing Wage Rate Guidelines: This provision requires that certain recipients of funds under the stimulus bill observe Davis-Bacon Act's prevailing wage rate guidelines.
Restrictions on Executive Pay: Requires that compensation of top executives of public companies be restricted if they received TARP funds.
H-1B Workers Places additional obligations on TARP recipients hiring H-1B workers.
Immigration Violations: Prohibits the Small Business Administration from making certain guaranteed loans available to small businesses with a record of immigration violations.
Pre-Tax Transit Exclusion: Increases allowable amounts employees can exclude from their income up to $230 per month for parking and up to $120 per month for transit.
Work Opportunity Tax Credit: Expands the credit available to employers for hiring unemployed veterans discharged within five years of their hire and unemployed youths between 16 and 24 years of age not in school and lacking a sufficient number of basic skills. The credit can be applied in 2009 and 2010.
COBRA Premium Subsidies: Employees who are involuntarily terminated from employment between September 1, 2008 and December 31, 2009, will be eligible for a 65 percent premium subsidy. Employers and insurers would initially pay the subsidy and receive a credit against their federal payroll taxes.
