When a business reaches a certain number of eligible participants for their 401(k) plan, federal law requires an independent audit of the plan. While larger companies may be familiar with this process, many small business owners may find themselves in uncharted territory the first time their number of eligible participants increases above the threshold amount. In this 3-part blog series, we’ll cover the basics of 401(k) plan audits.
On Monday, the Presidential administration announced that on Wednesday, February 24th, a new two-week Paycheck Protection Program (PPP) loan application window will open specifically for businesses with fewer than 20 employees.
In 2018, Massachusetts passed a landmark bill requiring all employers in the state to provide workers with paid family and medical leave (PFML), giving Massachusetts one of the most generous paid family and medical leave programs in the country. At the time of the legislature, the state outlined a three-year approach, with deadlines for employer and employee contributions into the Family and Employment Security Trust Fund, through which the program will be funded.
The SBA began accepting new PPP applications on a limited basis last week through community financial institutions and as of today, the program is now open to all lenders.
