close up of a coronavirus molecule

Latest Insights on COVID-19

close up of a coronavirus molecule

Latest Insights on COVID-19

Corporate Benefits

CARES Act – Benefits Compliance & Retirement Provisions

April 01, 2020

The CARES Act also has several provisions relating to employee benefits, both on the health side and the retirement side, as well as a few miscellaneous provisions on fringe benefits (student loan repayment).

View this benefits compliance summary for more information.

Retirement

The CARES Act contains provisions meant to loosen access to money in retirement vehicles. It also contains provisions meant to alleviate certain retirement plan requirements, providing plan sponsors with the option to waive the 10% early withdrawal penalty on participant distributions of up to $100,000, increase participant loan limits, and suspend existing participant loan repayments for individuals impacted by COVID-19. In addition, the Act waives required minimum distributions to be paid in 2020, provides plan sponsors relief in delaying contribution due dates for defined benefit and money purchase pension plans, and empowers the Department of Labor with broad authority to extend certain notice deadlines.

For more information on the retirement provisions of the CARES Act, click here.

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Providing Assistance for Small Businesses

April 01, 2020

The US Small Business Administration’s (SBA) Paycheck Protection Program (PPP) was enacted to provide support for Americans employed by small businesses through the authorization of up to $349 billion to preserve jobs and cover other eligible expenses. Eligible businesses affected by COVID-19 can apply for PPP loans designed to serve as an incentive to keep their workers on the payroll.

The PPP is for small businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed individuals), eligible nonprofit organizations, Veterans organizations and Tribal businesses described in the Small Business Act.

For more information:

  • Find an overview of the program here.
  • The PPP sample application form can be found here.
  • Apply for relief under the PPP here.
  • Information about local SBA offices is available here.
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April 1: HR Solutions Webinar Archive

April 02, 2020

Slide Deck

Recording

 

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Updates and Resources

Property and Casualty

Property and Casualty COVID-19 Report

March 31, 2020

Read the Report

COVID-19 Coverage Property and Casualty Update

April 03, 2020

Slide Deck

Recording

 

Representations and Warranties Considerations

April 03, 2020

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Updates & Resources

COVID-19 Coverage Property and Casualty Update

COVID-19 Coverage Property and Casualty Update

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Individual Solutions

Life

March 02, 2020

With regard to life insurance and annuities, we are working with our partners, rating agencies and associations to assess how the coronavirus will affect products, including pricing and risk assessment.

Most of the impact depends on how long stock market and interest rate volatility lasts, the ultimate impact on the economy (both domestically and internationally), and any action taken by the federal government. Uncertainty may be the most formidable challenge — the actual impact for companies and policyholders may not be known until the dust settles.

 

Time is Now on Your Side

March 31, 2020

In an effort to help people manage their finances and adapt to the impact that COVID-19 is having on all of us, the IRS has recently announced a series of extensions.

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Individual Solutions COVID-19 Report

April 03, 2020

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Updates & Resources

Updates and Resources

SBA Loans Client Webinar | Friday, April 3 | Noon ET

April 01, 2020

Join NFP for a webinar on Friday, April 3 from noon -1:30 ET, to uncover the ins and outs of the new SBA forgivable loan program (entitled the CARES Act Paycheck Protection Loan Program). This webinar will provide information on:

  • Which companies are eligible
  • How to apply
  • The factors to consider in evaluating whether you would like to participate in the program

Moderator: Suzanne Spradley, Senior Vice President, Chief Compliance Officer, NFP
Speakers: Scott Sinder & Kate Jensen, Steptoe & Johnson, LLP

Register Here
Add to Calendar

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Washington Update: The CARES Act is Signed into Law

March 31, 2020

The following information was compiled in conjunction with Steptoe & Johnson LLP.

On March 27, 2020, President Trump signed into law “Phase Three” of the congressional response to the COVID-19 emergency. The legislation, titled the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), follows intense negotiations over the last week. In addition to support for certain distressed segments of our economy, the CARES Act provides direct financial aid in the form of $1,200 checks for individuals earning less than $75,000 ($2,400 for married households earning less than $150,000) with an additional $500 per child. The Act additionally provides expanded unemployment insurance, financial support for state and local governments, a loan program for small businesses and not-for-profits, a payroll tax deferral for employers, and financial assistance to small businesses and certain industries.

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