On Nov. 6, 2020, the Departments published an interim final rule requiring Medicare, Medicaid and private insurers to cover a COVID-19 vaccine without any cost-sharing, once the FDA authorizes and approves a vaccine. This Legal Update provides an overview of the interim final rule's COVID-19 vaccine coverage requirements....
Continue readingThe DOL final overtime rule became effective Jan. 1, 2020. Among other things, the final rule also allows employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10% of the salary level if these payments are made at least on an annual basis. To enable compliance with the nondiscretionary bonus option, the final rule allows employers to make a “catch-up” payment at the end of each 52-week period. A full discussion can be found here....
Continue readingRebuild VA Grant Fund (Rebuild VA) has expanded its eligibility criteria to allow more small businesses and nonprofits to apply. Any small business or nonprofit with $10,000,000 or less in gross revenue OR 250 or fewer employees may now apply. Additional information can be found here. Governor Ralph Northam announced the $70 million for small businesses and nonprofit organizations whose normal operations were disrupted by the COVID-19 pandemic back in July. HOW TO APPLY Prepare yourself by reading the information on this page and consulting the application guide carefully before starting the application Download the Virginia substitute form W-9; complete and upload it...
Continue readingThe ACA requires health insurers to spend a minimum percentage of their premium dollars, or MLR, on medical care and health care quality improvement. Issuers that do not meet these minimum requirements must provide rebates to consumers. This percentage is: 85% for issuers in the large group market; and 80% for issuers in the small and individual group markets Effective dates: MLR data was due to HHS by July 31 for the 2019 reporting year. Rebates for 2019 must be provided by September 30, 2020. A full discussion of MLR Rebates can be found here....
Continue readingThis video series explores the lasting effects the coronavirus pandemic has had on workplaces across the country. This video can help employers identify ways to keep operations running smoothly after reopening their businesses. [video width="1920" height="1080" mp4="https://simafinancialgroup.com/wp-content/uploads/2020/08/NewNormal_COVID19-Reshaping-Workplace.mp4"][/video]...
Continue readingSIMA founder and CEO Mark Jones was joined by John Selbach, Esq. and Betsy Davis, Esq., both of Whiteford, Taylor, & Preston to discuss employer impacts as Virginia looks toward returning to work. If you missed it, be sure to catch the replay here. John, Betsy and Mark all welcome your questions as they enable their teams to know how best to research issues facing businesses and employers. Please don't hesitate to send them to Kerri.White@simafinancialgroup.com. Kerri will compile all questions for the team. SIMA is grateful for the partnership Whiteford, Taylor & Preston have provided as we grapple with the consequences of...
Continue readingIn 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...
Continue readingPlease click here for the Friday call replay....
Continue readingQuestion: 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...
Continue readingListen to this week's client call as we discuss loan forgiveness and additional funding related to the Paycheck Protection Program. [audio mp3="https://simafinancialgroup.com/wp-content/uploads/2020/04/2020-04-24-audio.mp3"][/audio]...
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