The CARES Act and Retirement Plan Relief
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law on Friday, March 27, 2020, in response to the Coronavirus (COVID-19) pandemic. The CARES Act specifically addresses relief that may be available to plan participants through retirement plan administration. This relief comes in the form of relaxed distribution measures, loan relief, and waiver of the required minimum distributions for 2020. These specific changes are outlined below.
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Internal Revenue Service
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available.
U.S. Treasury and IRS Issue Guidance on COVID-19 Response
How the U.S. Treasury is Taking Action
Small Business Administration
U.S. Small Business Administration Small Business Guidance and Loan Resources
Federal Student Aid
Coronavirus and Forbearance Info for Students, Borrowers, and Parents
Arkansas Department of Finance and Administration
Frequently Asked Questions Regarding the Impact of Coronavirus (COVID-19)
ADFA Filing and Payment Deadlines as of 3/27/2020
Tax Filing Deadline
Arkansas Governor Extends Individual Tax Filing Deadline to July 15
Journal of Accountancy
American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants Resource Center
AICPA Recommendations PPP Lender Documents Final 4-7-2020