New CARES Act Student Loan Updates
May 6, 2020
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) includes a provision that temporarily allows employers to make tax-free payments of up to $5,250 toward their employees’ student loans. Employers should be aware of the temporary changes (effective March 27, 2020 through December 31, 2020) and consider establishing or amending existing written educational assistance programs to take advantage of the favorable tax treatment for their contributions towards employees’ student loans.
Read the Compliance Update HERE.
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