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January 13, 2021 Covid Alerts
The Small Business Administration (SBA) issued guidance on "second draw" PPP loans on January 6, 2021. The SBA has also issued a one-page application form for "second draw" PPP loans. This material provides clarification of the rules set out in the initial GCT Alert on this topic.
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January 11, 2021 Covid Alerts
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (the “Act”), signed into law by President Trump on December 27, 2020, provides $284 billion for a second round of Paycheck Protection Program (PPP) loans. GCT is committed to providing the most timely guidance on PPP and other issues facing small businesses.
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December 4, 2020 Covid AlertsProperty Tax Assessment
Golan Christie Taglia's Property Tax Group has recently attained several successes in having clients' real estate tax assessments significantly reduced based on COVID-related business losses incurred by the owner.
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October 29, 2020 Covid AlertsEmployee Benefits and ERISA
The CARES Act provides a number of optional coronavirus-related relief provisions that employers may choose to incorporate into their 401(k) and other retirement plans.
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October 14, 2020 Covid AlertsEmployment Law
The Department of Homeland Security (“DHS”) announced temporary flexibility for Employment Eligibility Verification (Form I-9) requirements during the COVID-19 pandemic.
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October 7, 2020 Covid AlertsEmployee Benefits and ERISA
An alternative provision under the CARES Act provides tax relief for employers that have been financially impacted by the COVID-19 pandemic. A tax credit, the Employee Retention Credit (ERC), of 50 percent of up to $10,000 per employee in wages paid and related health plan expenses is available to "eligible employers."
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August 25, 2020 Covid Alerts
COVID-19 relief provisions that allow 401(k) and 403(b) plan sponsors to reduce or suspend safe harbor contributions expire soon. Plans must be amended by August 31, 2020 in accordance with the relief guidelines provided by IRS Notice 2020-52.
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July 23, 2020 Covid Alerts
GCT has compiled seven questions we encourage you to consider as you assess your business’ recovery readiness as a part of our “GCT 360” approach.
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July 13, 2020 Covid AlertsEmployee Benefits and ERISA
Former participants in a 401(k) profit sharing plan recently filed suit in Federal court in New Jersey seeking recovery of investment losses allocated to their accounts by the employer-sponsor. This mid-year valuation reduced the account balances available for distribution to the former participants.
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June 25, 2020 Covid AlertsEmployee Benefits and ERISA
Last Friday's guidance in IRS Notice 2020-50 expands the definition of "Qualified Individuals" entitled to retirement plan relief under the CARES Act and verifies that employer implementation of the relief rules is not required.
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June 18, 2020 Covid Alerts
Certain retirement plan distribution and participant loan applications require a spousal consent to be signed by the participant's spouse. The consent serves as a protection of spousal rights in plans that otherwise provide for benefit distributions in the form of an annuity that includes a survivor annuity for the spouse (a "qualified joint and survivor annuity").
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June 3, 2020 Covid Alerts
Recent IRS Notice 2020-29 provides additional options to allow mid-year changes in participant cafeteria plan elections. The additional relief from prior cafeteria plan election rules is intended to help employees adapt to changes in their personal circumstances resulting from the COVID-19 pandemic.
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May 26, 2020 Covid AlertsEmployee Benefits and ERISA
IRS and Department of Labor joint rules effective May 4, 2020 created a new COBRA universe by extending both group health plan deadlines for providing COBRA election notices and employee deadlines for electing COBRA continuation coverage — and paying for it. These deadlines are extended for the entire "Outbreak Period," which started March 1, 2020 and ends 60 days after the officially declared end of the COVID-19 national emergency.
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May 20, 2020 Covid AlertsReorganization & Bankruptcy
The U.S. Chamber of Commerce predicts that 40% of the nation’s 30 million small businesses could close permanently in the next six months. Are you worried that your business will be one of the statistics? It may not have to be.
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May 5, 2020 Covid Alerts
GCT attorneys have highlighted eight challenges they can help you address amidst the COVID-19 pandemic.
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May 1, 2020 Covid Alerts
The relief provisions of the CARES Act generally benefit coronavirus-impacted participants with accelerated retirement plan benefit payments and participant loan extensions. But what actions can employers take to relieve financial stress by reducing the cost of retirement plan benefits?
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April 28, 2020 Covid AlertsCorporate
On April 24, 2020, President Donald Trump signed into law an additional $484 billion coronavirus relief aid package. Significantly, the bill provides a new $310 billion round of funding for the Paycheck Protection Program (“PPP”).
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April 23, 2020 Covid Alerts
For purposes of the 401(k) and retirement plan relief provisions of the CARES Act, employers will be dealing with a new category of employee, the coronavirus impacted participant, or "CIP" for short.
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April 17, 2020 Covid AlertsEmployment Law
As of Thursday, April 16, 2020, the nearly $350 billion allocated to fund the Payroll Protection Program (“PPP”, previously discussed in detail here) had been entirely committed. According to the American Bar Association, the Small Business Administration is no longer taking applications, and will not allow new applications to be placed in a queue.
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April 10, 2020 Covid Alerts
While we are following Governor Pritzker’s order to stay at home, our firm is still working. Because we have received many questions in the last few weeks, we want to reach out to you to provide a few reminders and tips.
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April 6, 2020 Covid Alerts
Employers who are faced with difficult decisions on reductions in their workforce need to consider group health coverage issues. Are employees on furlough, a leave of absence, or working reduced hours eligible for continued group health coverage for themselves and their families?
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April 4, 2020 Covid Alerts
Since we published our initial alert regarding the Families First Coronavirus Response Act, both the Department of Labor and the IRS have updated their guidance interpreting the complicated new law.
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April 1, 2020 Covid Alerts
On March 27, 2020, President Donald Trump signed the Coronavirus Aid Relief and Economic Security Act (“CARES Act”) into law. The law contains a number of provisions that deal directly with retirement plan benefits.
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March 31, 2020 Covid Alerts
On March 27, 2020, President Donald Trump signed the Coronavirus Aid Relief and Economic Security Act (“CARES Act”) into law. The law includes significant aid for small businesses and individuals affected by the novel coronavirus and the surrounding economic consequences.
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March 27, 2020 Covid Alerts
On March 26, 2020, Illinois Governor Pritzker issued Executive Order 2020-14. In response to the risk of in-person contact necessary in the notarization and witnessing of documents, the Executive Order allows notaries and witnesses to carry out their respective duties through video-conferencing.
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