You didn’t know it was a thing? Or maybe, like most, you just lost track of what day it is? Or maybe it ranks somewhere behind New Beer’s Eve (the day before the end of prohibition) and National Tartan Day, both of which are most certainly things and also fall on April 6th.
CARES Act
American Rescue Plan Act of 2021: COBRA Subsidy, Pension Funding, and Other Employee Benefit Changes
The American Rescue Plan Act of 2021 (ARPA) is the latest federal COVID-19 relief bill, which the President signed into law on Thursday, March 11, 2021. ARPA includes new COBRA continuation coverage election, notice, and subsidy requirements; pension plan funding relief; and some cost-saving benefit opportunities employees may be able to leverage. Some of these…
TOP 5 EMPLOYEE BENEFIT PLAN OPPORTUNITIES FOR EMPLOYERS TO CONSIDER IN 2021
A spate of recent legislation and IRS guidance promises to make 2021 an active year for any employer seeking to provide its employees with a competitive array of employee benefits. My “top 5” list of employee benefits that an employer should introduce or enhance in 2021, to improve retention and/or recruitment, is set forth below:…
Consolidated Appropriations Act, 2021: PPP and Tax Provisions
By Melissa Ostrower & Robert R. Perry on
The Consolidated Appropriations Act, 2021 (Act) generally provides the annual funding for the federal government and contains several important rules giving further COVID-19 relief. These include, among other things, revisions to the Paycheck Protection Program (PPP), expansion of the employee retention tax credit, and changes to other employer-related tax provisions.
The Act was passed by…
Consolidated Appropriations Act, 2021: Employer-Sponsored Retirement Plans
By Suzanne G. Odom & Stephanie O. Zorn on
The Consolidated Appropriations Act, 2021 generally provides the annual funding for the federal government and also contains several important rules giving further COVID-19 relief. The comprehensive relief package funds certain hard-hit industries, expands eligibility for the Paycheck Protection Program (PPP), and extends and expands the Employee Retention Tax Credit.
The Act also relaxes several normally…
Don’t Miss Out: Deadlines are Upon Us
Deadlines are a large part of employee benefit plan administration. The past 12 – 18 months have contributed to potential confusion about standard deadlines and added new deadlines plan administrators will not want to overlook. During this period, the IRS created a one-time window deadline, published extensions for some plans’ deadlines, and other deadlines were…
IRS Expands and Clarifies CARES Act Distribution Rules
Since March 27, 2020 when the CARES Act was signed into law, many questions have mounted related to implementing the retirement plan provisions. Now, with roughly 3 months under our belts since the issuance of the Act and countless CARES Act distributions and loan suspensions processed, the IRS clarified several eligibility, administrative, and taxation reporting…
Small Business Administration Issues Additional Guidance on Forgiveness of Paycheck Protection Program Loans
The Small Business Administration (SBA) has issued guidance on the forgiveness provisions applicable to loans made under the Paycheck Protection Program (PPP) created by the CARES Act.
The SBA was required to issue guidance on these provisions within 30 days of the enactment of the CARES Act, or no later than April 26, 2020.…
Small Business Administration Issues Guidance on Forgiveness of Paycheck Protection Program Loans
By Melissa Ostrower & Robert R. Perry on
Posted in CARES Act, coronavirus, covid-19, PPP, PPP Loan Forgiveness, SBA, small business administration
The Small Business Administration (SBA) has issued guidance on the forgiveness provisions applicable to loans made under the Paycheck Protection Program (PPP) created by the CARES Act.
The SBA was required to issue guidance on these provisions within 30 days of the enactment of the CARES Act, or no later than April 26, 2020.…
IRS Releases FAQ for Coronavirus-Related Retirement Plan Relief
On May 4, 2020, the Internal Revenue Service released much-anticipated guidance related to implementing the retirement plan aspects of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) enacted on March 27, 2020, see our article here. Although the questions and answers fall short of resolving all open questions, they provide helpful insight…