Under a new federal law effective June 5, 2020, the requirements for PPP loan forgiveness have been relaxed in favor of small businesses. The new rules are: More time to use the loan: Instead of having to use your PPP loan in the 8 weeks after you get it, the new law gives you either […]
New Law Provides Flexibility on PPP Loan Forgiveness Read More »
Small business owners would have more latitude in using their Paycheck Protection Program loans if President Donald Trump signs into law a bill given final passage by the Senate on Wednesday. The legislation, which passed the House with one “nay” vote and the Senate by unanimous consent, extends the amount of time borrowers have to
Senate OKs bill giving firms more time to use PPP loans Read More »
On March 27, 2020, the United States Congress approved a coronavirus relief bill called the CARES Act that created the Paycheck Protection Program (PPP) to provide forgivable loans to small businesses so they could pay their employees during the pandemic. PPP loans are intended to provide 8 weeks of cash to cover payroll, rent, utilities,
PPP Loan Forgiveness Application and Instructions Read More »
As COVID-19 continues to spread throughout the United States, there has been a massive upheaval of the American workplace. Employers have found themselves drafting and implementing policies and procedures addressing a wide array of issues including remote work, layoffs, furloughs, pay cuts, workplace conditions and many more. Not surprisingly, the uncertainty wrought by COVID-19 has
Common Employment Practices Claims Arising Out of COVID-19 Read More »
On May 14, the Department of Health and Human Services (HHS) published in the Federal Register its Notice of Benefit and Payment Parameters for 2021 final rule and posted an accompanying fact sheet. The 2021 annual out-of-pocket (OOP) maximums for non-grandfathered group health plans will increase by approximately 4.9 percent over this year’s limits: Self-only
HHS 2021 Health Plan “Parameters” Raise Out-of-Pocket Maximums Read More »
Many employers facing economic challenges because of COVID-19 have considered several possibilities for reducing their contributions to employees’ 401(k) plans. Whether freezing safe harbor matching or nonelective contributions or deciding against making discretionary matching and/or profit-sharing contributions, the goal has been the same: reduce their employee benefits costs. What many employers have not focused on
COVID-19 and Late Remittances of Employee Deferrals to 401(k) Plans Read More »
On May 12, 2020, the IRS released Notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during calendar year 2020. The changes are designed to allow employers to respond to changes in employee needs as a result of the COVID-19 pandemic. This guidance relates to mid-year elections for
New COVID-19 Guidance for Section 125 Mid-year Election Change Rules Read More »
On May 12, the IRS released two notices allowing employees during 2020 to make changes to their enrollments in employer-sponsored health plans and to adjust pretax contributions to health flexible spending accounts (health FSAs) and dependent care flexible spending accounts (dependent care FSAs). These changes, which apply only to plan year 2020, had been advocated
IRS Allows Midyear Enrollment and Election Changes for Health Plans and FSAs Read More »
On May 9, 2020, the U.S. Department of Labor published a program letter which answered a series of questions raised by states regarding the Federal Pandemci Unemployment Compensation (FPUC) program. The FPUC program, authorized by Section 2104 of the CARES Act, provides an additional $600 weekly payment to certain eligible individuals who are receiving other
DOL issues another UI program letter on FAQs Read More »
Conducting a layoff is never easy—and conducting a layoff virtually adds new challenges for employers. While difficult for both the employer and employees effected, employers can improve this process by utilizing best practices. Effective remote layoffs can ease this difficult time for laid-off employees, while avoiding risk for the employer. What Are Layoffs?Layoffs are mass
Conducting a Remote Layoff Read More »
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