COVID-19 news & guidance
Industry & Regulatory NewsBill to Replenish Paycheck Protection Program Passed by House, President Expected to Sign
Following passage by the U.S. Senate on Tuesday, the House of Representatives today overwhelmingly passed the Paycheck Protection and Healthcare Enhancement Act by a vote of 388 to 5, infusing a reported $320 billion in additional funding into the Small Business Administration’s Paycheck Protection Program (PPP). President Trump has indicated that he will sign the legislation into law.
Industry & Regulatory NewsBill Passed by Senate Would Replenish Paycheck Protection Program
The U.S. Senate on Tuesday overwhelmingly passed the Paycheck Protection and Healthcare Enhancement Act, legislation that would provide $320 billion in additional funding to the Small Business Administration’s Paycheck Protection Program (PPP). This lending program is intended to help small employers retain employees on their payrolls during the coronavirus (COVID-19) pandemic and resulting economic emergency. The legislation would also provide funding for hospitals dealing with the immediate effects of the pandemic, and, specifically, for enhanced COVID-19 testing.
Industry & Regulatory NewsPBGC Provides Coronavirus-Related Filing Relief
The Pension Benefit Guaranty Corporation (PBGC), the agency that insures benefits in certain single-employer defined benefit pension plans, has posted an announcement describing deadline relief being provided as a result of the coronavirus (COVID-19) pandemic.
Industry & Regulatory NewsFAQs Affirm Employee Benefits Eligible as “Payroll” for Payroll Protection Program Loans
Scheduled to be published in the Federal Register is an interim final rule issued by the federal Small Business Administration (SBA), guidance that includes frequently-asked-questions (FAQs) on Payroll Protection Program (PPP) loans available to small businesses to help them maintain their workforce during the coronavirus (COVID-19) pandemic. Businesses with no more than 500 employees—including not-for-profits and sole proprietorships—can apply for these low interest and potentially forgivable SBA loans if certain conditions are met.
Industry & Regulatory NewsIRS Guidance Extends Many Tax-Related Deadlines in Response to COVID-19 Pandemic
On April 10, 2020, the IRS issued Notice 2020-23, guidance that expands the range of time-sensitive tax-related actions whose completion can be delayed to July 15, 2020. This extension is being provided as a result of the disruptions caused by the coronavirus (COVID-19) pandemic. The IRS had previously extended from April 15 to July 15 the deadline for filing individual and business tax returns, and for making IRA, HSA, and certain employer-sponsored retirement plan contributions.
Industry & Regulatory NewsIRS Notice Greatly Expands Actions Whose Deadlines Are Extended to July 15
The IRS has issued Notice 2020-23, guidance that expands the number of time-sensitive tax-related actions whose completion can be delayed to July 15, 2020. The extension is being provided as a result of disruptions caused by the coronavirus (COVID-19) pandemic. (The IRS had previously extended from April 15 to July 15 the deadline for filing individual and business tax returns, and for making IRA, HSA, and certain employer-sponsored retirement plan contributions.)
Industry & Regulatory NewsIRS Provides Guidance for Employers to Claim Tax Credits for Emergency Paid Sick Leave Act and Expanded FMLA Payments
The IRS has posted at its website much-anticipated guidance for claiming tax credits for amounts paid by employers under the Emergency Paid Sick Leave Act (EPSLA) and the Emergency Family and Medical Expanded Leave Act (Expanded FMLA), as provided in the Families First Coronavirus Response Act (FFCRA). The guidance contains 66 FAQs that cover all aspects of the tax credits.
Industry & Regulatory NewsDOL Provides Guidance to Implement Paid Sick Leave and Extended Family Medical Leave Provisions of FFCRA
As directed by the Families First Coronavirus Response Act (FFCRA) signed into law last week, the U.S. Department of Labor (DOL) issued its first round of guidance to help employers implement the paid sick leave and the extended family and medical leave included in the legislation. Also, the DOL issued a fact sheet to help employees understand the scope of the changes from the employees’ perspective.
Industry & Regulatory NewsLegislation to be Introduced to Suspend RMDs for 2020, Exempt Social Security Income from Taxation
Sen. Ed Markey (D-MA) has proposed legislation (S. 3527) to suspend for 2020 the obligation to withdraw required minimum distributions (RMDs) from employer-sponsored retirement plans and IRAs in response to investment market volatility accompanying the coronavirus (COVID-19) pandemic. Sen. Markey has also announced plans to introduce another bill to exempt Social Security benefits received in 2020 from taxation. (Taxation of Social Security benefits generally is means-tested, with amounts exceeding $25,000—$32,000 for married couples—subject to income tax.)
Industry & Regulatory NewsLawmakers Introduce Bill to Ensure COVID-19 (Coronavirus) Testing Costs Not Borne by Patients
Reps. Diana DeGette (D-CO) and Donna Shalala (D-FL) have introduced the Covering Coronavirus Test Act of 2020 (H.R. 6173). This legislation is intended to prevent health insurance companies from requiring those being tested for COVID-19 (coronavirus) to pay for the testing.