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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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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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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