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CARES Act Part Deux: New Funding and Additional Guidance
Posted by Chrissy Hammond on Tue, Apr 21, 2020 @ 05:07 PM

The CARES Act allocated $349 billion in funding for small business loans under the Small Business Administration’s 7(a) Paycheck Protection Program (PPP). As of Thursday April 16, this funding ran dry. It took less than two weeks from the April 3 rollout of the SBA loan program for this to occur, with total loans averaging $29 billion per day. Critical guidance that clarified the manner in which self-employed individuals request PPP loans emerged only three days prior to the funding depletion. Fortunately, Congress appears to be on the verge of replenishing funds available for PPP loans, so eligible business concerns should continue preparations to take advantage of this loan program.

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Topics: COVID19, Coronavirus, Families First Coronavirus Response Act, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, PPP

5 Pressing Tax and Benefits Considerations for Employers
Posted by Chrissy Hammond on Mon, Apr 20, 2020 @ 03:36 PM

The rapid pace at which the COVID-19 virus spread upended 2020 strategies and left organizations of all types and sizes reeling. Disruptions to supply chains and within a workforce left many with difficult decisions on how to minimize the financial damage of the pandemic. Federal leadership recognize that organizations top expense is on personnel. The coronavirus stimulus legislation contained provisions that encourage employers to maintain their headcount. The following are five tax and employee benefits provisions worthy of timely consideration.

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Topics: COVID19, Coronavirus, Families First Coronavirus Response Act, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Employee Retention Credits, Student Loan Assistance

Will Retirement Plan Relief Be Part of the Coronavirus Response Effort?
Posted by Bernard Kaplan on Wed, Mar 25, 2020 @ 11:21 AM

As Congress looks for ways to help businesses and individuals with the financial repercussions from the COVID-19 virus, the American Retirement Association (ARA) is pushing for a solution that involves relief from certain plan provisions.

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Topics: retirement plans, Bernard Kaplan, 401(k), the SECURE Act, retirement planning, COVID19, Coronavirus, Families First Coronavirus Response Act, COVID-19

Trump Signs Phase 2 COVID-19 Emergency Legislation
Posted by Chrissy Hammond on Thu, Mar 19, 2020 @ 12:13 PM

President Trump signed into law on March 18 the Families First Coronavirus Response Act (the Act), which will provide paid sick and family leave assistance due to illness, as well as food assistance and medical testing assistance. The Senate passed the bill earlier the same afternoon, where Senate Majority Leader Mitch McConnell (R-KY) said any shortcomings the Senate saw in the bill would be addressed in the next phase of coronavirus legislation.

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Topics: Donald Trump, COVID19, Coronavirus, Families First Coronavirus Response Act

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