CARES Act Provisions for Retirement Plans and Participants

CARES Act Provisions for Retirement Plans and Participants

The Coronavirus Aid, Relief and Economic Security (CARES) Act includes several provisions that give retirement plan participants increased access to assets in their 401(k), 403(b), individual retirement account (IRA) and other qualified retirement accounts.  The...
CARES Act Provisions for Retirement Plans and Participants

SBA Releases New FAQ Regarding PPP

The SBA recently released question #46 in the frequently asked questions in regards to PPP. Loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good...
CARES Act Provisions for Retirement Plans and Participants

Accounting for the Payroll Protection Program Loan

As we maneuver through these unprecedented times and move through the government’s new Acts and Programs established for the Coronavirus Pandemic, questions have arisen on how to account for this funding. The funding has begun to roll out and the clock has started...
CARES Act Provisions for Retirement Plans and Participants

CARES Act, Part II: How to Prepare

The Federal Government is set to implement legislation that would allow more money to flow once again to small businesses affected by COVID-19–$322 billion more including $60 billion set aside for smaller lenders like community banks and credit unions. $60...
CARES Act Provisions for Retirement Plans and Participants

CARES Act – Entrepreneurial Development and Education

The House passed the Senate’s CARES Act yesterday. The Act includes a section related to entrepreneurial development that provides funding to educate small businesses and their employees on resources available during this time: MINORITY BUSINESS DEVELOPMENT...
CARES Act Provisions for Retirement Plans and Participants

CARES Act – Provisions for Employers

The House passed the Senate’s CARES Act yesterday. The Act includes a section related to provisions and resources available during this time for taxpayers: CREDIT AGAINST EMPLOYMENT TAXES Receive a credit of Qualified Wages for each quarterLimited to $10,000 per...
CARES Act Provisions for Retirement Plans and Participants

CARES Act – Individual Tax Relief Provisions

The House passed the Senate’s CARES Act today. The Act includes individual tax relief provisions that we have broken down below:  RECOVERY RELIEF Advance rebate against 2020 taxes$1,200 for Individuals; $2,400 for joint, $500 for each child$5 phases out for...
CARES Act Provisions for Retirement Plans and Participants

Keeping American Workers Paid and Employed Act Summary

In the late hours of March 25, 2020 the U.S. Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security Act (dubbed the CARES Act), an anxiously awaited bill to help Americans navigate this new COVID-19 induced economic environment. While the bill...
CARES Act Provisions for Retirement Plans and Participants

CARES Act Summary

The senate passes the third bill to help the economy with current COVID-19 crisis, but what does it mean for you? Below is a brief summary of the CARES Act. We will be diving into the details today and we will get more information out to you as it becomes available....
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