COVID-19 info you can’t find anywhere else.
We make sure to compile any and all information and address any questions you may need during this uncertain time.
On May 12, 2020, in response to the COVID-19 pandemic, the Internal Revenue Service (“IRS”) issued two notices, Notice 2020-29 and Notice 2020-33, providing welcome relief and guidance to employers sponsoring Section 125 cafeteria plans (“Section 125 plans”), health flexible spending accounts (“health FSAs”), dependent care assistance programs (“DCAPs”), and qualified high deductible health plans (“HDHPs”).
Employers with employees returning to work after a leave of absence, reduction in hours (e.g., furlough) or termination of employment (e.g., layoff) may have questions about the implications for medical benefit eligibility and the effect on the ACA’s employer shared responsibility rules.
Due to the COVID-19 pandemic, many employers are being forced to terminate, lay-off and furlough employees. When employers exercise one of these options, it is important that they consider the ramifications to the former employees’ ancillary benefits and take appropriate actions.
The Department of Labor (“DOL”) issued temporary regulations to implement emergency paid leave under the Families First Coronavirus Response Act (“FFCRA”), as well as additional FAQs that provide much-needed clarification on many aspects of the new requirements. Below you will find highlights of the new guidance.
The CARES ACT may be great but how can the A.C.A. also help you? Stuff you don’t see elsewhere. You will be laying off people and many of them will be staying on your health insurance under C.O.B.R.A. thank goodness for C.O.B.R.A. However, there are now better options for coverage from both your employees and from your point of view.
We hope that you are faring well and staying healthy during this time. The COVID-19 virus has had a significant impact upon businesses and we have been looking for ways to help ease the financial stress on our clients. One program that we have identified is the Economic Injury Disaster Loan (EIDL) program through the U.S. Small Business Administration (SBA).
Benefit Considerations in Light of Employee Terminations/Layoffs. Due to the COVID-19 pandemic, many employers are being forced to terminate, lay-off and/or reduce hours for employees. While this brings up a host of employment law issues that should be discussed with counsel, it also brings up various issues related to employers’ benefit programs. Below is an overview of benefit-related issues that require attention.
As the new coronavirus disease 2019 (“COVID-19”) continues to spread, many employees are wondering whether there is coverage under their medical plan and whether they can take a leave of absence. The following provides some high-level information intended to address these inquiries. This information is up to date as of March 9, 2020, is general in nature, and subject to change.