IMPORTANT ALERT FOR ANY WHO HAVE ALREADY RECEIVED PAYCHECK PROTECTION PROGRAM LOANS OR ARE APPLYING FOR THEM

President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (“Enhancement Act”) on April 24th. This legislation infuses $310 billion into the Paycheck Protection Program (“PPP”) with more than $250 billion in unrestricted funds for the program and an additional $60 billion allocated specifically for smaller lending institutions. Numerous recent headlines have shown […]

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Suspending 401(k) Matching Contributions During Tough Times

Employers sponsoring 401(k) plans may be suffering difficulties funding their matching contributions during these trying economic times.  To provide relief, the IRS allows an employer experiencing a “substantial business hardship” to discontinue their matching contributions. For purposes of determining whether an employer is facing a significant business hardship under section 412(c), the factors taken into […]

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How Could Employee Layoffs Due to COVID-19 Affect Your Retirement Plan?

Employers are facing many challenges due to the recent spread of COVID-19.  If you have had to reduce your workforce as a result of the financial impact of the virus, there may be repercussions that affect your retirement plan.  Your plan may have experienced a partial plan termination as a result of one downsizing or […]

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