Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
Here at Wellspring, we like to provide our clients with the most recent and relevant information. With COVID-19, Wellspring has been paying close attention to the regulations, compliance, and legal information that is being released. We have provided some information on the legislation that has been passed in response to this recent pandemic.
CARES Act Content
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law to provide $2.2 trillion in federal funding to address the coronavirus crisis. The new law also includes several provisions affecting health plan coverage. This Compliance Bulletin summarizes the CARES Act's changes for health plans.
The CARES Act makes a variety of coronavirus-related changes for retirement plans. These changes affect tax-qualified retirement plans, such as 401(k) plans, 403(a) and 403(b) plans, and governmental 457(b) plans. This Compliance Bulletin summarizes key changes, including the new rules for in-service distributions to COVID-19 impacted participants.
The CARES Act provides federal funding for states to expand the availability of unemployment benefits for COVID-19. Qualified individuals may receive benefits for up to 39 weeks.
Paycheck Protection Plan Content
On Thursday, April 23, 2020, the U.S. House of Representatives passed the newest coronavirus aid bill, which includes funding for small businesses, hospitals and coronavirus testing. This News Brief explains further.
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