The federal government will pay 100 percent of COBRA insurance premiums for elgible employees who lost their jobs and for their covered relatives through September, allowing them to stay on their company-sponsored health plan, under the American Rescue Plan Act (ARPA) that President Joe Biden signed into law on March 11.

When the Senate voted to pass the bill, it increased the government's subsidy to 100 percent of COBRA premiums for laid off workers and covered relatives from April 1 through Sept. 30, 2021, up from an 85 percent subsidy in the House bill.

Employers will obtain the subsidy through a payroll tax credit against employers' quarterly taxes, and will be responsible for paying health insurance carriers for the premiums, explained Kathryn Bakich, Washington, D.C.-based national health compliance practice leader at Segal, an HR and employee benefits consultancy.

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2020 Taxes: Everything you Need to Know About Filing This Year

The coming summer could see millions of Americans rehired if current trends hold and progress against the pandemic continues, Federal Reserve president Raphael Bostic said on Tuesday, describing that as one of the "upside risks" he is watching.

"We could see a burst of activity and performance coming into the summer which could lead us to see even more robust recovery," Bostic said in comments to the Atlanta World Affiars Council.

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