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COVID

Work-life Balance Considerations Post Coronavirus   

The coronavirus pandemic has sparked one of the largest social experiments in history. Virtually overnight, businesses across the world have been forced to rethink how they operate. Decisions made during this uncertain period will resonate for years and may serve as the base for a new, remote lifestyle post-coronavirus. Employee work-life balance is especially important for employers to consider—namely, how old standards play into new working arrangements and how employers can help relieve potential employee burdens. Old Standards, New Problems The classic, white-collar 9-to-5 work shift has been around for decades—an employee works their eight hours a day, then goes home. This standard...

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Mid-Year Elections Permitted to Change Health Plan Enrollment or FSA Contributions

In response to the COVID-19 pandemic, the IRS has relaxed the irrevocable election rule and strict list of permitted election change events normally accompanying a Section 125 plan, which are required when a group takes employee pretax contributions for health care or provides an employee cash option.  The new guidance allows employees to make five additional prospective mid-year election changes during the 2020 calendar year. 1.    Mid-Year Health Plan Enrollment for Waived Employees Employers may amend their Section 125 cafeteria plan to allow employees who originally waived health plan coverage to make a new election, in calendar year 2020, for employer-sponsored health...

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Repayment Extension Granted by the SBA

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith. Is it possible for a borrower to obtain an extension of the May 7, 2020 repayment date? Answer: SBA is extending the repayment date for...

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U.S. Small Business Administration (SBA) offering disaster assistance in response to COVID-19 

The Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act) that passed on March 6, 2020 allows small businesses that have suffered substantial economic injury as a result of COVID-19 to apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million.  The following are key details of the Act as it pertains to the low interest rate loans.  You can also learn more by visiting the COVID-19 disaster assistance page on SBA’s website.  State governors must first request access to the Economic Injury Disaster Loan program. Once the declaration is made, information on the application process for disaster loan assistance will...

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