Preview Mode Links will not work in preview mode

If employee benefits compliance doesn't sound fun to you, then you haven't listened to ERISA is a friend of minea podcast hosted by the Compliance Services professionals from Lockton. Join hosts Edward Fensholt, J.D., director of Compliance Services, and Scott Behrens, J.D., director of Government Relations, to learn the intricacies of the Employee Retirement Income Security Act (ERISA) and other employee benefits laws, one hilarious topic at a time. 

 

Subscribe now!

Apr 20, 2020

The Coronavirus Aid, Relief, and Economic Security, or CARES, Act was passed to give businesses big and small, along with their employees, a package of lifelines to get through our current unprecedented times. In this shelter-in-place episode, Ed and Scott analyze the potpourri of relief the CARES Act offers employers and their group health plan enrollees, including coverage mandates, tax credits and loans – each with its own terms and conditions.

  • What healthcare plan mandates are included in the CARES Act? What plans do they apply to? When do the mandates expire?
  • Can plans offset the cost of the mandates by increasing cost sharing on or eliminating other benefits? (Hint: The feds are not a fan of this thinking.)
  • If an employer amends the plan based on the mandates, do they need to provide advance notice?
  • How do all these tax credits and loans work? And how do they benefit the employer AND the employee?
  • Which employers are eligible for the Paycheck Protection Program (PPP)? How much can a business get? Is there even any money left?
  • How can a business have its PPP loan forgiven?
  • What are Main Street loans? How are they different from PPP loans?
  • Under the payroll tax deferral provisions of CARES, can an employer simply choose to not pay its payroll taxes and not worry about it? (No – you can still go to jail for not paying your taxes!)
  • Why aren’t you guys funny anymore?

Click here to access the fantastic guide to the PPP loan basics from Scott and the Lockton Government Relations team.