The CARES Act includes significant student loan relief for most, but not all, federal student loans. Here is the current announcement on studentaid.gov: Your payments will automatically stop from March 13, 2020, through Sept. 30, 2020. To provide relief to student loan borrowers during the ...
In addition to student loan repayment assistance, employers can also exclude up to $5,250 from employee income for educational assistance (e.g., tuition, fees, books) provided by the employer. This could be especially advantageous for women, who hold two-thirds of student debt in the U.S....
With federal student loan paymentson pausesince the CARES Act passed in late March, millions of borrowers saw their federal directstudent loansautomatically go into forbearance — and theircredit scoresincrease. In fact, according to anew reportfrom the Federal Reserve Bank of New York, the average...
The CARES Act provides a new rule that defines “eligible employee” for purposes of paid sick and family leave to include employees who: Were laid off by the employer March 1, 2020, or later, Had worked for the employer for at least 30 days in the 60 calendar days prior to the layof...
President Trump has signed the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act,” which includes several provisions that impact employers. These measures are largely aimed at stimulating the economy, and focus on assistance for small businesses, industries that have suffere...
• The Act enables an employer to make payments on an employee's qualified education loan on a tax-free basis after the date of enactment and before January 1, 2021. The $5,250 cap on the educational assistance payment also applies to such student loan payments made by emplo...
For eligible individuals, the CARES Act includes financial assistance with expanded access to retirement funds and plan loan relief with: A temporary increase of the plan loan limit to allow loans up to the lesser of the vested account balance under the plan or $100,000 for loans requested dur...
For more on CARES Act tax issues, see the April 2, 2020, Skadden client alert, “CARES Act Tax Considerations.” For employer payroll tax payments that would otherwise be due before January 1, 2021, 50% of such payments are now due December 31, 2021, with the remainder due December 31...
The CARES Act temporarily waives the minimum distribution requirements for: (i) most defined contribution plans (e.g., 401(k) plan), (ii) Section 457(b) deferred compensation plans that are maintained by an eligible employer, or (iii) IRAs. This applies for all required minimum distributions...