The Coronavirus Aid, Relief and Economic Security (CARES) Act has provided a wide range of programs that affect employee benefit plans, employers and employees. One benefit that has flown under the radar is a new, temporary tax-qualified student loan repayment
Employee Benefits Law Report
Reporting on recent legal developments and trends affecting employee benefits
The Employee Benefits Law Report, published by Porter Wright Morris & Arthur LLP, focuses on legal and regulatory issues related to employee benefit plans. It covers topics such as compliance with Department of Labor (DOL) guidance, ERISA requirements, summary plan descriptions, plan documents, and fiduciary responsibilities. The blog addresses practical concerns for plan sponsors and fiduciaries, including annual funding notices, ESOP transaction regulations, and best practices for plan administration. It also provides explanations of key employee benefits concepts and helps employers navigate complex regulatory frameworks affecting retirement and welfare benefit plans.
Latest from Employee Benefits Law Report - Page 3
Stop and review COVID-19 distribution and loan forms carefully
The Coronavirus Aid, Relief and Economic Security (CARES) Act, authorizes employers to make changes to their qualified retirement plans to increase loan limits, delay loan repayments, and make distributions to plan participants experiencing certain COVID-19 related circumstances. Due to a…
How to claim COVID-19 tax credits via payroll
Employers may claim the Employee Retention Tax Credit and the tax credits available under the Families First Coronavirus Response Act (FFCRA) for relief during the COVID-19 pandemic. They do this first, by reducing the employer portion of Social Security taxes, and…
Important update on the Payroll Protection Program
Since the passage of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the Small Business Administration (SBA) and the U.S. Treasury Department have released a series of interim final rules and updated Frequently Asked Questions (FAQs) (as of…
UPDATE: SBA loan eligibility FAQs
Certain government programs, including SBA loan programs, are reserved for “small businesses.” In order to qualify for those programs, a business must satisfy both the SBA’s definition of a “small business concern” as well as the size standards for a…
Workplace exposure to COVID-19: Can employers be liable?
As COVID-19 cases continue to mount nationwide, so have lawsuits relating to fallout from the virus. On April 6, 2020, in one of the first COVID-19-related lawsuits of its kind, the estate of an Illinois Walmart Supercenter employee sued Walmart…
The Employee Retention Tax Credit
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The CARES Act introduced the Employee Retention Tax Credit (ERTC), a new tax credit to incentivize employers, who are economically distressed due…
How to claim COVID-19 tax credits under the FFCRA and the CARES Act
There are three COVID-19 related tax credits that were introduced under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which are subject to various limitations:
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UPDATE: Tax credits available under the Families First Coronavirus Response Act
On March 18, 2020, the Families First Coronavirus Response Act (FFCRA) was signed into law requiring employers with fewer than 500 employees to make payments for COVID-19 related FLMA leave and paid sick leave required by the Act. To lessen…
How ESOP sponsors can survive the disruption from COVID-19
The spread of COVID-19 and the resulting disruption to the economy has led many employers to think creatively about how to manage cash, provide for the sustainability of their businesses and preserve the culture they have created with their employees…