COVID-19 Updates: Health-Related Expenses for Participants; PPP Loans for Employers

We continue to review coronavirus-related relief packages from the federal government, and have developed two new summaries.

• The Families First Coronavirus Response Act (FFRCA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) include provisions to relieve some health-related expenses for individuals (participants). This Q&A address costs related to COVID-19 testing, treatment and some other services that individuals may receive.
   
• Wespath has partnered with the General Council on Finance and Administration (GCFA) to provide more information about the Small Business Administration's Paycheck Protection Program loans available through the CARES Act. This Q&A summarizes which categories of employer expenses ("Payroll Costs") may be forgivable as part of a PPP loan, based on current guidance from the Small Business Administration and Department of Treasury. We expect Treasury and the SBA to issue additional guidance on PPP forgiveness soon and will update this document as new information becomes available.

Amid the increasing scrutiny of large businesses receiving PPP loans, today Treasury Secretary Mnuchin appeared on CNBC and commented that the SBA would conduct a full review of all PPP loans over $2 million before deciding whether to forgive the loan.

If you have questions about the CARES Act or FFCRA, please send them to Tony Prestipino, Andy Hendren, Steve Clark or Jim O'Connell.

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