JCPenney, Neiman Marcus, and other household names have recently filed headline-grabbing Chapter 11 bankruptcy cases. From energy to hospitality to retail, the COVID-19 crisis has had a devastating economic impact on a wide range of companies across industries. And, of […]
In two recently released Notices, the Internal Revenue Service (IRS) relaxes the irrevocability rule under Internal Revenue Code section 125 relating to cafeteria plans, increases carryover allowances for health flexible spending accounts (health FSAs), extends the period of time to […]
The SBA recently issued guidance extending an automatic safe harbor to borrowers receiving Paycheck Protection Program (PPP) loans with an original principal amount of less than $2 million. These borrowers will be assumed to have performed the required certification concerning the necessity […]
On April 11, 2020, the Departments of Labor, Health and Human Services, and Treasury (Departments) jointly released frequently asked questions (FAQs) regarding health care coverage issues surrounding the implementation of the FFCRA and the CARES Act. See Joint FAQs. Notably, the […]
Approximately 2.8 million deaths occur in the United States each year from all causes. This leads to an interesting dilemma with the stimulus payments/checks issued by the IRS. A small number of people are receiving checks for their relatives who […]
In my sixteen years in the Michigan House and Senate (spread out between 1990-2018), I’ve learned many lessons. This latest lesson to us all is “to be ready for anything.” No amount of experience could have prepared the Legislature for […]
Along with other recent changes, including the delay of COBRA deadlines and premium payments (see our Client Alert: Major Extension of Employee Benefit Plan Deadlines Due to COVID-19 Outbreak), the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) released […]
With stay-at-home orders and prohibitions on social gatherings still in effect, most of us are safe from those spring cookout guests with bad habits, like double-dipping their chips. The IRS recently gave loan borrowers under the CARES Act Paycheck Protection […]
On May 7, Governor Whitmer issued Executive Order 2020-77 reopening manufacturing effective May 11. This order continues the “process of gradually resuming in-person work and activities that were temporarily suspended under … prior orders.” This latest order supersedes prior stay-at-home […]
The coronavirus outbreak has affected virtually every aspect of normal life and business relations, including operation and administration of employee benefit plans. To assist plan participants and beneficiaries, employers and other plan sponsors, plan fiduciaries, and other service providers of […]