Industry & Regulatory NewsWashington Pulse: New COVID-19 Relief for Employee Welfare Benefit Plans
During the last few months, the Department of Labor (DOL), Treasury Department, and Department of Health and Human Services (DHHS) have jointly issued multiple pieces of guidance intended to provide much needed relief to those suffering economic hardships from the coronavirus (COVID-19) pandemic. In this article, we’ll explain how the most recent relief affects employee welfare benefit plans.
Industry & Regulatory NewsHouse Democrats Introduce Next Coronavirus Relief Bill
In an atmosphere more partisan than earlier coronavirus relief efforts, the Democratic caucus of the House of Representatives has released a bill to fund another round of assistance as the nation attempts to cope with the health and economic effects of the coronavirus (COVID-19) pandemic. This legislation, as yet unnumbered, is being referred to as the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.
Industry & Regulatory NewsRetirement Spotlight: Legislative Support for Small Businesses During Coronavirus Pandemic
Many U.S. businesses—large and small—are experiencing uncertainty and varying levels of hardship as they try to stay afloat during the coronavirus (COVID-19) pandemic. Hit particularly hard are small businesses and their workforce, which according to the Small Business Administration (SBA) encompasses 99.9 percent of U.S. businesses and represents nearly half of the U.S. private sector workforce. What lies ahead for the economy during 2020, and maybe even 2021, is surely unknown as these are unprecedented times. In the meantime, the federal government is deeply involved in helping to stabilize the economy until it can be opened up fully again.
Industry & Regulatory NewsIRS Q&As Provide Some Guidance on IRA, Retirement Plan COVID-19-Related Relief
The IRS has issued guidance in question-and-answer (Q&A) format on the special IRA and retirement plan relief granted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, legislation signed into law on March 27, 2020. This relief is intended to aid those affected by the coronavirus (COVID-19) pandemic that has impacted the health and economic welfare—or both—of many Americans.
Industry & Regulatory NewsPresident Trump Signs Bill to Replenish Paycheck Protection Program
Following passage by an overwhelming margin in the U.S. House of Representatives Thursday, President Trump today signed into law the Paycheck Protection and Healthcare Enhancement Act, infusing $320 billion in additional funding into the Small Business Administration’s Paycheck Protection Program (PPP).
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.