Consider Near- and Long-Term Issues Before Implementing CARES Act Provisions

Plan sponsors are urged to consider factors other than the short-term financial needs of their employees before adopting new loan or distribution provisions.

More than 30 million Americans are out of work because of social distancing measures slowing the spread of the COVID-19 pandemic. One White House economic adviser recently told reporters that the unemployment rate may reach levels last seen during the Great Depression before the pandemic ends. In response, Congress and President Donald Trump passed several new laws intended to provide relief to workers, support for small businesses and other employers, and equipment and funds for hospitals and health care professionals. Click here to read a number of factors plan sponsors should consider.

Source: PLANSPONSOR