Michigan State University received $14,918,294 from the CARES act on May 8th, 2020 for the purposes of Emergency Financial Aid Grants for students. This includes contractors and the self-employed, those whose existing benefit has been exhausted, those only seeking part-time employment, those with insufficient employment history, or anyone who would otherwise not qualify. Page Last Reviewed or Updated: 19-Sep-2020, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Treasury Inspector General for Tax Administration, Coronavirus-related relief for retirement plans and IRAs questions and answers. This law is expected to have a major impact on the U.S. economy and the effort to combat the coronavirus. An employer is permitted to choose whether, and to what extent, to amend its plan to provide for coronavirus-related distributions and/or loans that satisfy the provisions of section 2202 of the CARES Act. A13. Give admissions officers all the information they need, including an ACT score, to get the outcome you want. Applications will be accepted between September 28, 2020 and October 23, 2020. The coronavirus stimulus plan creates a tax rebate of $1,200 per taxpayer plus $500 per child. Plan for your future. COVID-19 Waivers and Flexibilities under the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act) *CORRECTED Version (December 11, 2020) COVID-19 CARES Act Flexibilities Letter to Student Services Grantees (December 3, 2020) COVID-19 Program Match Flexibility Letter to GEAR UP Grantees (December 3, 2020) The vast majority of this funding will be administered through Federal Reserve emergency lending facilities that the Fed has rolled out in recent weeks or will announce soon. The administrator of an eligible retirement plan may rely on an individual's certification that the individual satisfies the conditions to be a qualified individual in determining whether a distribution is a coronavirus-related distribution, unless the administrator has actual knowledge to the contrary. 3. Report if you have tested positive for COVID-19 by calling the UCF COVID Line at 407-823-2509 It also directs $27 billion in spending on tests, vaccine development, and medical treatment devices, including $16 billion in purchases for the Strategic National Stockpile. This over $2 trillion economic relief package delivers on the Trump Administration’s commitment to protecting the American people from the public health and economic impacts of COVID-19. In California, impacted workers are eligible to file for state unemployment insurance and the $600 additional unemployment benefit payments authorized under the CARES Act of 2020. For workers who remain employed but with reduced hours, the stimulus plan funds 100% of state short-term compensation benefits and provides incentives for states that do not have such benefits to implement them. Payments to states and local governments are to be divided proportionally according to population. Congress’s latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn. HHS is distributing $175 billion to hospitals and healthcare providers on the front lines of … Certain loan repayments may be delayed for one year: If a loan is outstanding on or after March 27, 2020, and any repayment on the loan is due from March 27, 2020, to December 31, 2020, that due date may be delayed under the plan for up … The law allocates $150 billion to states and localities battling the pandemic and $130 billion more for the health care system. Air travel excise and fuel taxes will be suspended for all of 2020. Unlike the Small Business Interruption loans, these Economic Stabilization loans will not be forgivable. The Treasury Department and the IRS are formulating guidance on section 2202 of the CARES Act and anticipate releasing that guidance in the near future. That means participating employees terminated due to the COVID-19 pandemic and rehired by the end of 2020 generally would not be treated as having an employer-initiated severance from employment for purposes of determining whether a partial termination of the retirement plan occurred during the 2020 plan year. It also directs the federal government and industry to cooperate to maintain stockpiles and supply chains for critical medical supplies, such as protective equipment and medications to treat the coronavirus. You must include the taxable portion of the distribution in income ratably over the 3-year period – 2020, 2021, and 2022 – unless you elect to include the entire amount in income in 2020. There’s also another $17 billion to pay the principal, interest, and fees on existing federally guaranteed small business loans for a period of six months. Compensation for employees earning over $3 million annually will be capped at $3 million plus one half of any amount over $3 million in their 2019 compensation. Fifty percent of payroll tax payments for 2020 will be due in 2021, with the other 50% due in 2022. Business operating losses for this year can be carried back for up to five years. Not required to apply, but funds cannot be dispersed without DUNS A DUNS number can take up to two business days to receive. The Main Street Lending Program is an initiative by the Federal Reserve System to keep credit flowing to small and mid-sized businesses and nonprofits during the coronavirus crisis. L. 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