More than $6 billion in emergency cash grants is being distributed to colleges and universities, the Department of Education announced Thursday afternoon, with the funds meant for students who have had their education disrupted by the COVID-19 outbreak. Part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, schools are...
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), there are several provisions that impact both 401(k) and 403(b) employee benefit plans. These changes are designed to provide much-needed relief with respect to the COVID-19 crisis. Here are the key provisions that employers and plan administrators should...
The Small Business Administration has provided additional guidance regarding the Paycheck Protection Program. In addition, they have made revisions to the Borrower Application Form. Reference our Loan Application Checklist for additional information on what to prepare prior to completing the form. The Department of the Treasury website provides a copy of...
In response to the growing COVID-19 pandemic and its effects on the country’s economy, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27, 2020. The Act is filled with multiple efforts to support the economy while the country deals with job furloughs, business...
Updated April 3, 2020 The updated SBA loan application instructions indicate payroll information should be based upon the 2019 calendar year. We believe the documents listed below will be needed for the loan application process: Payroll Reports – These should be available to download from your payroll provider’s website: 2019 Quarterly...
McClintock & Associates has begun to review the Higher Education Emergency Relief Fund which was included in the CARES Act. Within the Act, under Section 18004(a)(1), the U.S. Department of Education (ED) will distribute these funds to all institutions based upon the relative share of full-time equivalent enrollment of Federal...
The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that clients immediately: Review and download the Paycheck Protection Program application Review and download the accompanying borrower guide Contact your local banker to discuss the lender guide to ensure they are aware of...
Note: The U.S. Department of Education (ED) has not issued any guidance related to provisions in the CARES Act. We anticipate ED will issue further guidance. This summary is for general guidance and informational purposes only, and should not be relied upon for regulatory compliance. Situations specific for your institution...