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CARES Act: Retirement Plan Relief Provisions

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic crisis. The CARES Act provisions for retirement plan relief for individuals under federal tax law are discussed here.

Changes the CARES Act is Making to HSAs, FSAs, and HRAs

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This law brought a variety of relief measures aimed to aid in the fight against COVID-19. This communication will focus on the changes to Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).  

FCMS Quarterly Market Review & Outlook

In our commitment to provide ongoing communication and leadership, we are writing to you today to make you aware of the outcomes of our most recent economic committee meeting for the Freedom Capital Management Strategies®. As you know, COVID-19 began impacting the market during the first quarter of this year. This is a detailed outline of the trends we are monitoring, their implications, and also our perspectives. 

Relaxed Insurance Eligibility Requirements and Extended Relief Period

The unpredictability of the current COVID-19 situation is complex, and Brooks Financial Group (BFG) understands how stressful that can be during these difficult times. Many employers are faced with limiting hours and furloughing employees. The insurance carriers want to remain flexible and accommodating. As such, many insurance carriers are relaxing eligibility requirements during this crisis and are establishing an extended relief period until May 31, 2020.

CARES Act Provides Relief to Individuals and Businesses

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis.  Major relief provisions are summarized here.

April 1, 2020 - Families First Coronavirus Response Act (FFCA) Information

As the news of the Coronavirus (COVID-19) continues to grow, it is our goal to keep you informed of all updates as they pertain to you, your teams, and your organization. 

Share with Employees by April 1, 2020: Families First Coronavirus Response Act (FFCA) Guidelines

The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specific reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020.

Federal Student Loan Borrowers Get Some Relief Due to COVID-19

On March 20, 2020, the Department of Education announced terms for student loan relief for tens of millions of borrowers in response to COVID-19. Here are answers to some questions about the new rules. For more information  and to follow subsequent potential rule modifications, visit the federal student aid website.

Carefirst COVID-19 Information

March 26, 2020

In addition to directly impacting the health and safety of thousands, the COVID-19 outbreak is contributing to widespread interruption and loss of income for individuals and businesses across the country. During this challenging time, CareFirst is committed to ensuring that our members’ policies are not cancelled for nonpayment of premium and there is flexibility in eligibility requirements in order to reduce barriers to care.

Due Date for Federal Income Tax Returns and Payments Postponed to July 15

Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15, 2020. No interest, penalties, or additions to tax  will be incurred by taxpayers during this 90-day relief period for any return or payment postponed under this relief provision.