The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand the longer-term effects workforce reductions have on participants’ benefits and retirement accounts. Over the next several months, employers…
The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19). The PPP Flexibility Act greatly increases the likelihood that a large percentage…
The SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and some much anticipated clarification for definitions and documentation requirements in its instructions. The forgiveness application is completed by the small-business borrower and is submitted to their bank or lender from whom they processed their PPP loan. The following are some highlights from the update…
Dear Clients and Friends, We hope you, your colleagues and your families are doing well during this difficult and unprecedented crisis. As you know, the Governor has extended the Stay Home, Stay Safe Order until April 30, 2020. As a result of an extension of the Executive Order, GJC will continue to operate with a 100% virtual…
As the number of employers and employees impacted by the novel coronavirus (COVID-19) grows each day, employers with workplace retirement plans may find that employees may be looking to those plans now more than ever to help cover financial hardships they are experiencing. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748)…
Crucial legislation has been passed to assist self-employed individuals, non-profits and small businesses. The Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2.2 trillion stimulus package, provides funding for unemployment benefits which include the self-employed (if you qualify), also SBA loans, and other resources. In case you missed the Webinar hosted by the BDO…
As the novel coronavirus (COVID-19) continues to spread in Michigan and due to the Executive Order issued by Governor Gretchen Whitmer this morning, I want to update you on changes that are taking place at GJC to comply with this order. First and foremost, GJC’s number one priority is the safety and well-being of our people…
Now present on every continent except Antarctica, COVID-19 has infected more than 125,000 people, and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic. From a shortage of masks and hand sanitizer, to CDC-imposed travel restrictions…
The Families First Coronavirus Response Act ( H.R. 6201 ), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The Act includes up to 80 hours…
As the novel coronavirus (COVID-19) continues to spread in the U.S. and across the globe, I want to take a moment to let you know what GJC is doing to respond to this public health emergency. First and foremost, GJC’s number one priority is the safety and well-being of our people, clients, families, and the communities…