The U.S. Department of Treasury and the U.S. Small Business Administration (SBA) recently announced updates to eligibility for Payment Protection Program (PPP) loan applications, allowing borrowers to apply through larger lenders. To learn more, click…
The IRS has added or updated more than 80 answers to questions in its series of FAQs on “COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses.” The changes affect questions…
IRS Provides Transition Relief for 2020 ACA Reporting The IRS recently issued Notice 2020-76, found out what that entails here. Summary of the 2020 Employer Health Benefits Annual Survey Each year, the Kaiser Family Foundation…
The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. This dollar limit is indexed for cost-of-living adjustments and may be…
The current federal minimum wage rate is $7.25 per hour. However, many states have adopted minimum wage rates higher than the federal rate. When the state rate and the federal rate are different, employers must…
Affordability Percentages Will Increase for 2021 The IRS issued Revenue Procedure 2020-36 to index the contribution percentages in 2021 for determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years…
The Small Business Administration (SBA) and Department of Treasury recently released a streamlined loan forgiveness application called the EZ Forgiveness Application. This newly released three-page EZ application is significantly shorter than the traditional loan forgiveness…
In response to the American economy reeling from the coronavirus (COVID-19) pandemic, the federal government recently signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Among other provisions, the CARES Act…
Small and midsize employers may begin using two new refundable payroll tax credits to obtain reimbursement for the costs of providing coronavirus related leave to their employees, the U.S. Department of Labor (DOL) and Internal…
As part of sweeping legislation—the Families First Coronavirus Response Act (FFCRA)—signed into law by President Trump on March 18, 2020, two laws were enacted that provide workers with paid leave for reasons related to the…