• 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 employ...
Under the CARES Act, employers can provide up to $5,250 annually toward employee student loan payments on a tax-free basis before January 1, 2021. The payment can be made to the employee or the lender. (The employee can’t take a student loan interest deduction for any loan payment for...
Under the CARES Act, an employer is allowed in 2020 to pay up to $5,250 of an employee’s student loan without the employee having to recognize income for the payment. Because current law allows an employer to pay up to $5,250 of an employee’s qualified educational expenses tax free ...
Relief, and Economic Security Act(“CARES Act”), commonly known as “Phase Three” of coronavirus economic relief. The CARES Act provides much needed stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. On March ...
The employer’s payment must be made after the CARES Act’s enactment, but before January 1, 2021. To the extent the employer pays a portion of the employee’s student loan under this new provision, the student will be denied a corresponding deduction (i.e., double benefit) under ...