Establishing new Safe Harbors for the current year has been updated in a significant way under the SECURE Act. We’ve outlined the deadlines below. As a reminder, this means that a Plan Document must be drafted, signed and plan accounts open to meet the deadline as shown below: 10/1/2020: Any […]
Yearly Archives: 2020
We’ve been getting a lot of questions regarding the new SECURE Act tax credit available for the 2020 plan year and following. Below is a great summary we put together from our reading of the law: Old rule: Lesser of half or $500 tax credit for first 3 years of […]
SECURE Act Tax Credit
With this new bill passing, we wanted to provide an update to the key provisions since some businesses are using retirement plan employer contributions for some of their expenses for forgiveness of the loans. The main features are (this come from the House version since we’re awaiting final text): To […]
Paycheck Protection Program Flexibility Act of 2020 Major Provisions
Section §1102 of the CARES Act allowed for the PPP through the Small Business Administration (SBA) loan program. This week the application will be released regarding forgiveness for the loans taken. At this point, everyone taking a loan was somewhat familiar with the application, but the recent updates are as […]
Payroll Protection Program (PPP) updates as of today
The passage of the CARES Act was a huge step towards helping plans and participants but more is needed legislatively. Check out the link to our friends at the American Retirement Association (ARA) and their continued lobbying efforts for additional retirement plans protections: https://araadvocacy.org/issues/coronavirus/#/23 Please consider contacting your US Senators and […]