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Application Deadline for Small Business Loans Extended

Congress has passed legislation to extend the application deadline for a Paycheck Protection Program (PPP) loan through Aug. 8, 2020. Prior to the extension, the deadline to apply for these funds was June 30, 2020. The extension enables eligible small businesses to apply for funding for five more weeks. The legislation has been sent to President Trump, who is expected to sign the measure into law. What is THE PPP? In response to the debilitating effect the COVID-19 pandemic has had on small businesses across the country, the federal government funded a program under the Coronavirus Aid, Relief and Economic Security Act...

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Post-coronavirus Return-to-Work Plans and EAPs

The coronavirus (COVID-19) pandemic has changed employees’ daily lives and routines, and even as businesses reopen, many employees are feeling the effects of the pandemic. As businesses reopen, employers must consider how the COVID-19 pandemic has affected employees, which in turn will affect their post-coronavirus return to work. As employees return to work, many are experiencing financial hardship, balancing new caregiving responsibilities, managing concerns over their physical well-being, and maintaining their mental well-being and health. During these uncertain times, employees are understandably experiencing significant stress, which can lead to lower productivity and morale, and increase their risk for health conditions, absenteeism...

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June 5th Client Call – Updates to PPP, Loan Forgiveness, Reopening & HR

When we met on the Client Call this past Friday, we were awaiting the president's signature on legislation amending terms of the PPP and loan forgiveness. As anticipated, this legislation has since been signed. We strongly encourage all to become familiar with the revised information. As discussed, HR 7010 amends the Paycheck Protection Program and Loan Forgiveness terms.  These changes include: 1. Covered period extended from 8 to 24 weeks. 2. Can spend more proceeds on non-payroll cost (60/40). Mark cautions: BE CAREFUL with this. The bill seems to create an all or nothing regarding loan forgiveness with the 60% of payroll cost. 3....

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PPP forgiveness changes coming as Senate passes House bill

The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked it. Among the key provisions is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount. The Senate approval sent the House bill, called the Paycheck Protection Flexibility Act, to...

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Employee Compensation and Benefits During Closures and Furloughs

As business closures increase due to the COVID-19 pandemic, employers are faced with questions about compensation and health benefit coverage for their employees. Government relief measures may provide compensation for businesses and individuals in certain situations. In other cases, existing rules on employee rights will apply. Paid leave may be required for some employees by federal or state law. Also, some state insurance regulators are requiring insurance carriers to provide policyholders with additional flexibility regarding premiums and coverage, and some carriers are making similar changes independent of state requirements. This Compliance Overview provides a summary of the issues that employers may encounter...

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Reopening Guidance for Employers

Regulations and guidelines surrounding the COVID-19 pandemic continue to evolve. In this presentation, Legal Content Director Erica Storm for an update on compliance issues related to the COVID-19 pandemic, including the latest information from the DOL, EEOC and OSHA on employer requirements, as well as updates on new COVID-19 relief efforts. This presentation requires a SIMA HR360 Log In.  If you are unable to log in, please attempt a password reset or contact kerri.white@simafinancialgroup.com. COVID-19_Update for Employers...

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New COVID-19 Guidance for Section 125 Mid-year Election Change Rules

Guidance Applies to Employer-Sponsored Health Coverage, Health FSAs and DCAPs On May 12, 2020, the IRS released Notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during calendar year 2020. The changes are designed to allow employers to respond to changes in employee needs as a result of the COVID-19 pandemic. A plan may permit any of the election changes described in the notice, regardless of whether they satisfy existing mid-year election change rules. For employer-sponsored health coverage, a Section 125 cafeteria plan may permit an employee to prospectively: Make a new election if the employee...

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IRS Releases 2021 Health Savings Account (HSA) Limits

Inflation-Adjusted Contribution Limits and HDHP Amounts to Increase The IRS has announced the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code. Annual Contribution Limits For calendar year 2021, the annual limit on HSA contributions for an individual with self-only coverage under a high deductible health plan (HDHP) is $3,600 (up from $3,550 for 2020). The annual limit on HSA contributions for an individual with family coverage under an HDHP is $7,200 (up from $7,100 for 2020). HDHP Amounts For plan years beginning in 2021, an HDHP is defined as a health plan with an annual deductible that is not less than $1,400 for...

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DOL Finalizes New Method for Electronic Delivery of Retirement Plan Disclosures

On May 21, 2020, the U.S. Department of Labor (DOL) published a final rule that will allow plan administrators to post retirement plan disclosures online or deliver them to employees by e-mail, as a default, to comply with their statutory duty to furnish documents under ERISA. This new safe harbor permits the following two optional methods for electronic delivery: Website posting—Plan administrators may post covered documents on a website, if appropriate notification of internet availability is furnished to the electronic addresses of covered individuals. E-mail delivery—Alternatively, plan administrators may send covered documents directly to the electronic addresses of covered individuals, with the documents...

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Reminder: PCORI Fees Due July 31, 2020

Fees Apply to Employers Sponsoring Certain Self-insured Plans As a reminder, employers that sponsor certain self-insured health plans are responsible for Patient-Centered Outcomes Research Institute (PCORI) fees. Fees for plan years that ended in 2019 are due July 31, 2020. Under the Affordable Care Act, PCORI fees were originally scheduled to apply to policy or plan years ending on or after Oct. 1, 2012 and before Oct. 1, 2019. However, in Dec. 2019, PCORI fees were extended for an additional 10 years. Thus, the fee continues to apply for the 2020-2029 fiscal years. Employers must report and pay the required PCORI fees annually via IRS Form 720. For...

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