On June 5, 2020, President Trump signed legislation into law that restructures how entrepreneurs can use loans issued through the new federal relief plan, the Paycheck Protection Program. Keep reading to learn more about the PPP and these most recent changes.

The Paycheck Protection Program

The original Paycheck Protection Program was established through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This program was designed to help keep employees connected to their employers during the pandemic, even if a business is temporarily closed.

Under the original rules of the PPP, business owners were required to spend their money within 8 weeks, and direct…

There are a lot of opinions out there right now about how to best implement and run a remote work program. But one aspect of remote work, not enough people have covered, is employee engagement. Engagement is essential to the success of any organization, full stop.

Even before a global pandemic shook the way we did business; employee engagement was a top priority for most businesses. Now, with a significant chunk of employees working from home, staff engagement is more vital than ever. It’s imperative your organization has a plan to maximize, capture, and record employee engagement.

At The Olson…

May 29th marked another 529 day. In honor of that day, here are 29 things you need to know regarding 529 plans and how they can help your business, your employees, and their dependents.

1. Definition of 529 Plans

Per the Securities and Exchange Commission (SEC), a 529 plan is a tax-advantaged savings plan to encourage saving for future education costs. These plans, also known as “qualified tuition plans,” are authorized by Section 529 of the Internal Revenue Code.

2. There’s a Need for 529 Plans (College is Expensive!)

According to the College Board, the average cost of college in the U.S. for the 2019–2020 school year rose 3.4 percent over the previous year. Now…

Computer and mobile technology have been a saving grace for humanity in many respects during the COVID-19 pandemic — specifically, mobile web or teleconferencing, which has allowed us to stay connected to loved ones. For many, these virtual interactions are vital to personal well-being when we can’t be together in the same physical space.

But this technology has also helped save lives in a more practical way. During the pandemic, telehealth has connected patients to care providers without the need for them to leave their homes. …

On May 1, 2020, the Department of Labor (DOL) announced the first new updates to COBRA coverage since 2014. These updates, spurred by the COVID-19 pandemic, require the attention, and likely action, of employers across the country. Keep reading for a brief introduction into what is COBRA coverage. Then, keep going to learn these new updates.

What is COBRA Coverage?

COBRA stands for the Consolidated Omnibus Budget Reconciliation Act (COBRA). The act is protection contained in the Employee Retirement Income Security Act (ERISA), which sets standards to protect employee benefits. One of these protections is COBRA.

COBRA requires group health plans to offer continuation…

When you begin to address the impact of COVID-19, you can’t start with anything, but the loss of human lives across the globe. The impact of these losses on families around the world cannot be understated.

Another significant effect of COVID-19, on families everywhere, has been its impact on the global economy. The virus has slowed economies around the world, which has affected individual workers and families as much as it has entire nations.

In the United States, gross domestic product (GDP) fell 4.8 percent in the first quarter alone, due at least in large part, to the COVID-19 pandemic…

Every year when open enrollment rolls around, employees are usually faced with a bevy of choices. One of the most critical decisions employees make during open enrollment is which type of health insurance plan you select. Unfortunately, health insurance can be confusing. Plus, picking which plan is right for you depends almost entirely on you and your family’s situation.

So, in this article, we’ll detail two of the most commonly utilized health insurance plans: High-Deductible Health Plans (HDHPs) and Preferred Provider Organizations (PPOs). …

On April 24, 2020, President Trump signed the fourth COVID-19 related stimulus bill into law. This piece of legislation is officially titled the Paycheck Protection Program and Health Care Enhancement Act. The Act originated in the Senate and the House passed it on Thursday, April 23, 2020. This bill adds $484 billion to the over $2.2 trillion the federal government has already issued to combat the adverse effects of COVID-19.

In this article, we’ll detail what this Health Care Enhancement Act 4th relief package offers. We’ll also tell you exactly how this $484 billion is allocated. …

Even before the COVID-19 pandemic, the prevalence of remote work was only growing. Employers realized the possibilities of remote work to connect their company with top talent, regardless of the employee’s physical location. Now, out of necessity, large swaths of businesses across the globe have transitioned to remote work.

Previously on this blog, we’ve covered 10 steps you can use to create a quality remote work policy. In this article, we’ll detail seven ways your business can maximize the effectiveness of your remote work plan. Maximizing the effectiveness of your remote work environment takes a lot more than the right…

The novel coronavirus pandemic has swept across the planet, almost entirely shutting down large swaths of the global economy. In the U.S. alone, a total of 16.8 million people has filed for unemployment benefits in the last three weeks. So, more than 10 percent of the American workforce has been laid off and submitted claims, per the Economic Policy Institute.

COVID-19 is also hurting companies by increasing the cost of business, and specifically employee benefits. According to Willis Towers Watson, employers’ health care benefit costs could increase by as much as 7 percent this year, due to COVID-19. …

The Olson Group

The Olson Group is a benefits advising firm that helps clients build employee benefit programs that attract & retain top employees. https://theolsongroup.com/

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