Understanding the CARES Act: A Guide for Employers
EVENT DATE:
Jun 10,2020
PRESENTER(s): Janette Levey Frisch
3:00 PM ET | 2:00 PM CT | 12:00 PM PT |
90 Minutes
This program has been approved HRCI Credit 1.5
On March 27, 2020 President Trump signed The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. The CARES Act’s purpose is to provide emergency relief for employers and individuals and to date is the largest federal relief bill ever passed. The nearly $2 trillion package includes emergency grants in the form of forgivable loans for companies with 500 or fewer employees, increased unemployment benefits, payroll tax incentives, enhanced retirement distribution options and health plan changes. Large corporations may benefit from loans and other funding repayable to the government, subject to public disclosures and other requirements.
Session Highlights:
- Parameters for enhanced unemployment benefits
- Required and permitted changes for health plans
- Options for providing participants early access to retirement funds
- Retirement plan considerations related to furloughs and layoffs
- Using the CARES Act small business loan program to pay for the retention of employees
- Retention tax credit
- Rehiring, retention and pay considerations to obtain maximum loan forgiveness
- Employee restrictions and limitations for using the loan program to cover payroll costs
Who Will Benefit:
- Human Resources Professionals
- Business Owners;
- CEO’s
- CFO’s
- Controllers
- Senior Managers
- In-House Counsel
- Benefits Administrators
