Millennials and the disruption of financial institutions

The CARES Act includes a provision allowing an eligible individual to take a coronavirus-related distribution(s) from certain retirement plans (including IRAs) through December 30, 2020. In addition to favorable tax treatment on the distribution, the law allows amounts to be repaid to certain retirement plans within three years after having taken the distribution(s). This article has been updated as a result of the IRS’s release of Notice 2020-50 on June 19, 2020.

During the last two years, the Wolters Kluwer Internal Audit organization has been developing and implementing a stakeholder engagement approach, outlining principles, desired outcomes, and success criteria.

On June 5, 2020, H.R. 710, the Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed into law. Businesses must know what to do if it wants its PPP loan to be forgiven.

Our Compliance Solutions team is helping our banking and credit union customers access U.S. Paycheck Protection Program funding, while helping to secure hundreds of thousands of jobs.