CARES Act Loan Suspension

Robert Richter, now of ARA and chief editor of the EOB, has weighed ion my posting on the suspension of the due date of loan repayment. I had posited that it is effectively is the participants choice, as the specific language of the statute declares that  “such due date shall be delayed for 1 year” -when combined with the need of the participant to certify COVID stays-effectively means an employee has the right to continue payments or not. I also suggested that the language of the statute means that the employer has no authority to impose a due date. He pointed out that the IRS may end up not agreeing, if past is prescient.
Continue Reading CARE Act Suspension of Loan Repayments: Is it the Employer’s or the Participant’s Choice?