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A former podcast from Lockton’s ERISA Compliance Consulting team 

You’ve reached the home of ERISA is a Friend of Mine, an informal and informational podcast series that Lockton’s ERISA Compliance Consulting team produced from 2019 to 2022. Scroll down to view and listen to any of the podcast episodes. NOTE: These podcasts have not been updated since their publication dates.

For the latest information and content on ERISA and other employee benefits issues, click below to visit Lockton’s Compliance Consulting webpage, and to learn more about our services and Lockton People Solutions.

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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.