U.S. markets open in 10 minutes
  • S&P Futures

    4,246.25
    -0.25 (-0.01%)
     
  • Dow Futures

    34,247.00
    -41.00 (-0.12%)
     
  • Nasdaq Futures

    14,054.75
    +24.50 (+0.17%)
     
  • Russell 2000 Futures

    2,309.00
    -6.70 (-0.29%)
     
  • Crude Oil

    72.04
    -0.08 (-0.11%)
     
  • Gold

    1,859.30
    +2.90 (+0.16%)
     
  • Silver

    27.91
    +0.21 (+0.77%)
     
  • EUR/USD

    1.2115
    -0.0018 (-0.15%)
     
  • 10-Yr Bond

    1.4870
    -0.0120 (-0.80%)
     
  • Vix

    16.92
    +0.53 (+3.23%)
     
  • GBP/USD

    1.4110
    +0.0028 (+0.20%)
     
  • USD/JPY

    109.8950
    -0.1390 (-0.13%)
     
  • BTC-USD

    39,052.36
    -1,260.33 (-3.13%)
     
  • CMC Crypto 200

    967.85
    -42.75 (-4.23%)
     
  • FTSE 100

    7,178.79
    +6.31 (+0.09%)
     
  • Nikkei 225

    29,291.01
    -150.29 (-0.51%)
     

Biden offers tax credits for COVID-19 vaccination paid time off

·3 min read
FILE PHOTO: U.S. President Joe Biden delivers remarks on the state of the coronavirus disease (COVID-19) vaccinations

By Trevor Hunnicutt

WASHINGTON (Reuters) -President Joe Biden on Wednesday announced tax credits for certain businesses that pay employees who take time off to get COVID-19 shots, a new effort to involve corporate America in his vaccination campaign.

"I'm calling on every employer, large and small, in every state to give employees the time off they need with pay to get vaccinated," the Democratic president said.

The tax credits will apply to businesses with fewer than 500 employees, he said.

In a speech, Biden also said he expects the United States to reach his 100-day goal of getting 200 million coronavirus vaccine shots in arms by the end of the day, even as the nation faces an increase in infections.

"Today we hit 200 million shots," Biden said. "It's an incredible achievement for the nation."

Biden said the vaccine effort is entering a new phase with everyone over age 16 becoming eligible to be vaccinated. Biden said 80% of all seniors have received at least one shot, leading to a dramatic decline in the deaths of elderly Americans.

"If you've been waiting for your turn, wait no longer," Biden said.

Biden administration officials said the government plans to reimburse businesses for the cost of giving workers as many as 80 hours in paid time off to get their shots or recover from any side effects.

The tax credit is for up to $511 per day for each worker, through September. Businesses with fewer than 500 employees employ roughly half of U.S. private-sector workers. The tax credits were authorized under Democratic-backed COVID-19 pandemic relief legislation passed by Congress and signed by Biden over Republican opposition.

The administration's chief problem in its response to the pandemic is now shifting from securing enough vaccine supply to persuading enough Americans to seek out the available shots.

More than half of American adults have had at least one vaccine dose, according to the U.S. Centers for Disease Control and Prevention (CDC). A third of U.S. adults are fully vaccinated, as well as 26% of the population overall.

The U.S. COVID-19 death toll of more than 568,000 leads the world. The coronavirus is still killing hundreds of Americans daily and many Americans have shown a reluctance to get vaccinated.

Countries around the world with less successful vaccination campaigns than the United States are dealing with a spike in infections.

Biden, who has loaned some unused vaccines to Canada and Mexico and donated funds to a multilateral vaccination effort for poor countries, said the White House is still looking at its options for eventually sending vaccines to Canada, Central America and elsewhere. Biden told reporters after his speech that he spoke with Canadian Prime Minister Justin Trudeau earlier on Wednesday.

"We don't have enough to be confident to send it abroad now, but I expect we're going to be able to do that," Biden said.

"We're looking at what is going to be done with some of the vaccines that we are not using. We've got to make sure they are safe to be sent."

(Reporting by Trevor Hunnicutt and Steve Holland; Editing by Will Dunham and Jonathan Oatis)