COVID-19 Legislative, Regulatory Updates
Repayment Option for CARES Act Distributions
The Coronavirus Aid, Relief, and Economic Security Act (‘CARES Act’) was signed into law on March 27, 2020 and created a new emergency retirement plan distribution option called the coronavirus related distribution (‘CRD’). A CRD was available to eligible participants from their PCA Retirement Plan accounts beginning on January 1, 2020 and ending on December 30, 2020. These special distributions could be taken in any amount up to $100,000 and the usual 10% penalty tax was waived.
If you took a CRD from your account in 2020, you can avoid a potential tax hit by putting some or all of the CRD back in your account within three years from the date you took the distribution.
Stimulus Package, Part 3: The American Rescue Plan
On Friday, March 11, President Biden signed the $1.9 trillion-dollar American Rescue Plan Act of 2021 into law. This third iteration of fiscal spending associated with the pandemic is the second largest since the CARES Act was signed into law in March of last year. Whether you agree or disagree with the need, the details, or the amount, this Act contains a tremendous amount of stimulus funding and many economists state it will ‘turbo-charge’ the economy as the elements, including direct payments to individuals, ‘ripple’ throughout the nation.
Consolidated Appropriatons Act of 2021
On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (“CAA” or “Act”), which included an additional $900 billion in stimulus efforts tied to the COVID-19 pandemic, into law. There are a number of provisions in the Act that are important to nonprofit organizations, including churches, church-related or private religious schools, and private higher education institutions within the 5,593-page Act.
Coronavirus Preparedness and Response Act (CPRSA)
The CPRSA Provides emergency funding for federal agencies including the CDC, FDA, NIH, the State Department, SBA, and the USAID.
Families First Coronavirus Response Act (FFCRA)
The FFCRA requires employers (including churches and related orgs) to provide paid sick leave for employees and provides payroll tax credits to employers to pay for the sick leave and for family and medical leave resulting from COVID-19.
- DOL FFCRA Employer Requirements for Paid Leave
- DOL FFCRA Employee Rights in Paid Leave
- DOL FFCRA FAQs
- Field Assistance Bulletin No. 2020-1
- CapinCrouse FFCRA Summary
- RBI Summary of FFCRA Provisions
- FFCRA FAQs – 4/11/20
- FFCRA FAQs for tax credits related to paid leave – 4/17/20
- FFRCA Sample Paid Sick Leave & Emergency Family & Medical Return To Work Form – 4/28/20
- FFCRA Sample Emergency Paid Sick Leave and Emergency Family and Medical Leave Request Form 4/28/20
- FFCRA – Updated FAQs – 8/31/20
Coronavirus Aid, Relief & Economic Security Act (CARES Act*)
*includes Paycheck Protection Program (PPP)
The CARES Act provides a multitude of assistance to churches and their employees, including the following: Payroll Tax Relief, Pandemic Unemployment Assistance Program, Paycheck Protection Program, Charitable Contribution Incentives and Retirement Plan Enhancements. To determine how the Paycheck Protection Program can be helpful to your church read our Summary or watch our Video.
|This afternoon (4/21/20), Congress struck a deal with the White House to pump an additional $480 billion in financial assistance to small businesses and hospitals. Of particular note, there is an additional $310 billion allocated to the popular Paycheck Protection Program. This program ran out of funding late last week. – 4/21/20
- PPP Loan Guidance – Interim Final Rule
- SBA – FAQs about Faith Based Organizations
- Most active lenders of loans offered through PPP
- US Treasury’s FAQs re PPP
- ECFA CARES Act Summary including PPP
- CapinCrouse CARES Act Summary including PPP
- RBI Summary of PPP Provisions
- CARES Act – Important Retirement Plan Changes – 4/13/20
- CARES Act Employer Payroll Deferral Guidance – 4/14/20
- CARES Act Pandemic Emergency Unemployment Compensation Program – 4/14/20
- PPP Interim Final Rule Additional Eligibility Criteria & Requirements for Certain Pledges of Loans – 4/14/20
- PPP Senator letter to SBA on behalf of Faith Based Organizations – 4/14/20
- PPP Increase Act of 2020 Summary – 4/21/20
- PPP Increase Act of 2020 – 4/21/20
- PPP Housing Allowance Guidance – 4/24/20
- CARES Act Retention Credit FAQs – 4/29/20
- PPP How to Account for PPP Loans (Capin Crouse) – 5/1/20
- PPP FAQs – 5/5/20
- CARES Coronavirus-related relief for Retirement Plans Q&As – 5/4/20
- PPP Loan Forgiveness Application – 5/15/20
- PPP Flexibility Act Act of 2020 is passed – 6/5/20
- PPP Lender Application Form Revised – 6/11/20
- PPP Borrower Application Form Revised – 6/11/20
- PPP Revisions to First Interim Rule for PPP Loans – 6/11/20
- PPP Loan Forgiveness Application Revised – 6/17/20
- PPP Loan Forgiveness Application 3508EZ – 6/17/20
- PPP Revisions to Third and Six Interim Rules – 6/17/20
- CARES Guidance for Corona Virus Related Distributions & Loans – 6/19/20
- PPP How to Calculate Maximum Loan Amounts – By Business Type – 6/26/20
- PPP Loan Forgiveness – A Summary of Guidance BMW&L – 7/21/20
- PPP Loan Forgiveness FAQs – 8/4/20
- PPP- Interim Final Rule on the Treatment of Owners and Forgiveness of Certain Nonpayroll Costs – 8/26/20
Other COVID-19 Related Information
- RBI Relief 2X Match Program
- Adding Direct Deposit information for Stimulus Rebate Payment – 4/13/20
- Notice 2020-23 (Extended Filing Deadline for Form 990) – 4/15/20
- Employer Guide to Addressing COVID -19 4/28/20
- COVID-19 State Matrix (State Mandated Short Term Leave) – 8/25/20
- IRS Memorandum on Deferring Payroll Tax Obligations through 12/31/20 – 8/31/20
RBI COVID-19 Related Communications
In response to COVID-19 RBI is offering access to 7 no-cost counseling sessions for up to 200 PCA pastors and spouses from May 1st – July 31, 2020.
Our financial planning advisors, Dave Anderegg and Don Aldin, provide insights on recent market volatility and frequently asked questions when it comes to your retirement savings.
RBI’s Gary Campbell examines the economic impact of the coronavirus and the performance of RBI’s Target Retirement Funds.
RBi’s Mark Melendez and Chet Lilly provide an overview of the recent stimulus packages and its impact on churches and retirement plan participants.
Discover how you can 2x your gift and provide financial assistance to ministry employees in distress.
The Coronavirus Aid, Relief, and Economic Security (‘CARES’) Act was signed into law on March 27th and it includes several key provisions PCA Retirement & Benefits (RBI) believes will benefit our retirement plan participants.
Ed Dunnington and Jon Medlock invite church employees across the PCA to make use of RBI and Relief during the current crisis.
RBI President Gary Campbell provides insights on recent market volatility and answers some frequently asked questions about its impact on your retirement savings.
Here at PCA Retirement & Benefits (RBI), we are taking unprecedented actions to mitigate the impact of this growing threat to our employees and making certain our pledge of service to the employees of the Presbyterian Church in America (PCA) continues without change.
The spread of the coronavirus has caused concern around the world and its effects have been felt in the stock market. Here are 5 things you need to know about its impact on your retirement savings.
If you have a church or Christian school staff of at least 15 people, we’d love to talk with you about setting up a meeting specifically for your staff. Please complete the Seminar Request Form and we will reach out to you.
About PCA Retirement & Benefits
We guide PCA pastors and ministry workers through the complexities of financial planning and employee benefits, so they and their families are able to live generously in every season of ministry.