If your business obtained a PPP loan, whether you plan to repay the loan or to seek PPP loan forgiveness, you need to be fully aware of the revised terms and conditions established under the Paycheck Protection Program (PPP) Flexibility Act of 2020 (PPPFA). The PPP Flexibility Act (HR 7010) was signed into effect by President Donald Trump on June 5, 2020. This action changes and replaces the terms of PPP Act loans and adds flexibility that will be valued by many borrowers.
Earlier this month we shared Electronic Disclosure Safe Harbor for Retirement Plans, providing an overview of the Department of Labor’s final regulations permitting electronic disclosure via email and website publication as the default method for sending employee retirement plan notices.
Previously, we’ve shared updates to help companies and their key executives with regard to executive comp limits for organizations that receive certain types of COVID-19 loans, loan forgiveness, or stimulus aid. See: CESA Act Loans: Further Information* and Insights and Executive Compensation Restrictions and the CARES Act
Last week, the Department of Labor (DOL) finalized regulations for the new “notice and access” safe harbor for retirement plans. Known as “NOA Safe Harbor,” the new guidelines permit plan administrators to send required disclosures to plan participants and beneficiaries via email or other electronic means, including allowing employers to post retirement plan disclosures online.
IslerDare is a legal firm dedicated exclusively to the representation of management in all aspects of labor, employment and employee benefits law. We frequently share their insights here on the Deferred Compensation Blog, and are pleased to provide you this link to their timely newsletter, “The Impact of the COVID-19 Pandemic on Your Medical and Retirement Plans,” and the excerpt featured below, which specifically addresses current IRS positions on issues that could result from the COVID-19 Pandemic.
Here is a checklist of 2020 compliance deadlines, covering retirement plans along with other health and welfare benefit plans. Thank you IslerDare PC for providing this information. Here are key March Deadlines for 2020: Date Action By March 1: File DOL1 Form M-1 for MEWA2s By March 2: Provide 2019 ACA3 information reporting returns (Forms 1095-B and 1095-C) to individuals By March 15: …
Thanks IslerDare PC for providing a checklist of 2020 compliance deadlines, covering retirement plans along with other health and welfare benefit plans. #retirementplan #fulcrumpartners #SECUREAct
Thanks again to IslerDare PC for sharing with us this timely checklist of 2020 compliance deadlines for retirement plans as well as health and welfare benefit plans. Here are key January Deadlines for 2020: Deadlines Date Action (passed) January 15 Post Schedule MB attachment from the 2018 Form 5500 (defined benefit pension plan actuarial information) on company intranet, …
News from the IslerDare PC December “Employee Benefits Update” looks at how the recently passed SECURE Act (Setting Every Community Up for Retirement Enhancement Act) may impact some retirement plans and strategies. #benefitplan #retirement #FulcrumPartners
Thank you, Isler Dare PC, for sharing this checklist for December, reminding employers of some of the key yearend compliance deadlines for health, welfare, and retirement plans.