Based on IRS rules, a partial plan termination can occur if approximately 20 percent or more of plan participants are terminated by the plan sponsor as a result of an action, such as a plant closure, a decision to downsize, or the termination of a product line. The reduction can accumulate over one or more plan years and still be classified as a partial termination.
In another win for small businesses, they now have an extended period of time to spend PPP funds and still qualify for forgiveness of the loans.
Although the answer depends on each employer’s facts and circumstances, it seems that many employers may still be eligible for the employee retention credit (ERC) as state and local governments re-open their economies in stages.
The PPP loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers.
Thanks to the CARES Act, you may now skip your Required Minimum Distribution for 2020, and pull out emergency cash, without withdrawal penalties if qualified.
This program is targeted to those Idaho small businesses that did not receive the Paycheck Protection Program.
Ascertaining lost revenue and income stemming from these extraordinary circumstances is key to minimizing the financial consequences of this pandemic.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, extends several key deadlines for 403(b) and defined benefit plan sponsors.
In this blog, we address three of the most immediate questions that companies should be considering related to their retirement plans.
The CARES Act provides two distinct and substantial employment tax benefits for certain employers under Sections 2301 and 2302 of the Act. Taken together, these provisions provide significant relief for employers and are designed to encourage employers to continue paying wages to employees during these unprecedented times.