Paycheck Protection Program (PPP)

In order to help small business impacted by Coronavirus-related issues between February 15 and June 30, 2020, the CARES Act allows those businesses to apply for loans to cover eligible expenses during the covered period.

Eligible expenses include:

  • Payroll costs
  • Costs related to the continuation of group health-care benefits during periods of paid sick, medical, or family leave and insurance premiums
  • Employee’s salaries, commissions, or similar compensation
  • Payments of interest on any mortgage obligations (not including prepayment fees or payment of principal on the mortgage itself)
  • Rent (including rents under a lease agreement)
  • Utilities
  • Interest on any other debt obligations that were incurred before the relevant covered period

We have been working diligently to gather the data necessary to apply for this money to help weather the storm. The loan application is due 4/3/2020.

The Small Business Administration will forgive all loans under this program if:

  • Loans are used exclusively for their intended purposes (see bullet points directly above)
  • Loans are used to offset no more than eight weeks (the maximum amount of time payroll expenses would be fully offset) of eligible payroll expenses
  • Businesses retain employees at salary levels comparable to before the crisis

Once we have received the funds, leadership will work diligently to allocate those funds appropriately to offset the effects of the COVID-19 pandemic, isolation and shelter-in-place orders, and changes to our business operations as a result of project / workflow changes resulting from client concerns.

If you’d like some juicy reading, the Treasury Department has prepared an Overview as well as an Information Sheet designed to answer small business questions.

The Tax Foundation has also provided a good summary of the Paycheck Protection Program that’s easy to understand.

HSA $$$ for OTC Medications

Great news! The new Coronavirus, Aid, and Economic Security (CARES) Act permanently repeals the Affordable Care Act that prohibited Health Savings Account (HSA) money being used to purchase Over-The-Counter (OTC) medications obtained without a prescription!

What does this mean to you? If you currently have a Health Savings Account (HSA), you can now use those funds (TAX FREE MONEY) to purchase things like Tylenol, Advil, Iburprofen, Nyquil, nasal spray, Zantac, Tums, Sudafed, and menstrual products etc. without needing a prescription!

Best part is that it’s EFFECTIVE BACK TO JANUARY 1, 2020! So, if you’ve already purchased OTC medications in 2020 and still have those receipts, you can submit them to the MotivHealth HSA for reimbursement from your HSA account.

This is still really new and has a lot of moving parts. MotivHealth is working feverishly to get this up and running. Currently, their system is set up to allow for the reimbursements and they have “turned on” the feature to allow your HSA card to be used. However, the retail store you are buying from still needs to do their part to delineate the items as eligible. So, if you try to purchase OTC medications or menstrual products with your HSA card and it doesn’t work yet, you can use your personal funds and submit for reimbursement through MotivHealth.

Please contact MotivHealth at 844-234-4472 to get more information on how your HSA can be used to purchase over-the-counter medications or menstrual products.

The HSA Reimbursement Form is also available for download.

Also, if you have a Limited Purpose Flexible Spending Account with Magleby, once you’ve met your individual deductible, you can also use those funds to purchase over-the-counter medications. Please contact HRPro at 800-989-8776, www.hrpro.biz, for more information.

CARES Act & 401(k) Changes

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act has included changes to options available for your 401(k). It eases retirement plan hardship distributions and loan rules to free up funds for individuals impacted by the pandemic.

Touchstone Retirement Group is our 401(k) vendor. You can reach Participant Services at 877-937-2040 or clientservices@tsretirement.com.

Caliber Wealth Management is our plan’s financial advisor. You can reach Linda Patch, our dedicated plan advisor, at 385-223-8688 / 844-358-6592 or linda@caliberwm.com. Keep in mind that Linda’s services to review and discuss your 401(k) and financial plans are offered to you at no cost.

A summary of the CARES Act changes are:

  • Hardship Distributions – the 10% early withdrawal penalty is waived and there will not be a 20% mandatory federal tax withheld on withdrawals up to $100k for an individual who:
    • is diagnosed with COVID-19;
    • whose spouse or dependent is diagnosed with COVID-19;
    • who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or
    • other factors as determined by the Treasury Secretary

Note: The online distribution request process won’t be up and running at Touchstone Retirement Group until April 10, 2020. Although there are not mandatory 20% taxes withheld, taxes will still be owed and can be paid over a three-year period without penalty. If the entire distribution amount is repaid to the 401(k) plan within 3 years, no taxes will be due.

  • Plan Loans – Loan limits are now doubled to the lessor of $100,000 or 100% of participant’s vested account balance in the plan. If you already have a 401(k) loan with a loan payment due from the date of the Act’s enactment, you can delay your loan repayment(s) for up to one year. If you have a loan through Magleby’s 401(k), please contact HR to either continue your 401(k) payments or stop them until 12/31/2020. Loan payments would resume 1/1/2021.
  • Temporary Waiver of Required Minimum Distribution Rules (RMDs) – For individuals over age 72, this waives the requirement for 2020 to have to take a required minimum distribution.

The link below will provide more details. However, please call Linda Patch at Caliber Wealth Management for clarification and specific questions regarding your 401(k).

MotivHealth & COVID-19

MotivHealth is committed to providing covered Magleby employees a positive experience as we move through this COVID-19 pandemic.

MotivHealth provides a list of FAQ’s on their site and customer service is available at 844-234-4472 to answer your specific questions.

The State of Utah asked MotivHealth to respond to very specific questions about what is and isn’t covered under our health plan related to COVID-19 and the related costs.

A summary of coverage and costs applicable now through the public health emergency as declared by HHS are:

  • In-Network and Out-Of-Network Providers
    • No cost to you for:
      • COVID-19 related Office, Urgent Care, Telehealth, or Emergency Room visits
      • COVID-19 related laboratory testing
      • COVID-19 related telehealth services
    • Cost sharing between you and MotivHealth for:
      • COVID-19 related treatment after testing
      • Prescription drug supplies (both one-time early refills and COVID-19 related drugs)
  • In-Network Providers only:
    • If tested positive for COVID-19, MotivHealth will cover additional tests to confirm recovery at no cost to you

Please note that if you receive COVID-19 testing at an out-of-network provider, that provider has to have a published CASH RATE for that test. MotivHealth will reimburse that provider that published cash rate.

To discuss possible costs, testing resources, or to find an In-Network provider, please call MotivHealth at 844-234-4472.

Paid Leave FAQ’s

The new Families First Coronavirus Response Act (FFCRA) is super helpful and super confusing. Thankfully the U.S. Department of Labor has published (and continues to update) a long list of frequently asked questions.

Magleby will be following the guidelines posted by the Department of Labor in issuing the paid leave. The FFCRA went into effect April 1, 2020 and will run until December 31, 2020.

Our HR team is here to help answer questions. In addition, please refer to the Department of Labor’s FAQ’s.

https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

Utah Unemployment

If you are laid off or have your hours reduced, you are entitled to file for unemployment benefits.

Utah State has compiled a Claimant Guide to assist you in the filing process.

Utah has also created a page dedicated to COVID-19 and unemployment information and FAQ’s related to unemployment and COVID-19. Although the CARES Act has passed that will provide emergency benefits of an additional $600/week through July 31, 2020, check with the state unemployment office for details on when it takes effect.

The CARES Act affected unemployment in three ways:

● BENEFIT 1 – INCREASED UNEMPLOYMENT COMPENSATION BENEFITS

This emergency benefit provides most individuals an emergency increase in traditional unemployment insurance benefits of $600 per week through July 31, 2020.

● BENEFIT 2 – PANDEMIC UNEMPLOYMENT ASSISTANCE

This emergency benefit provides up to 39 weeks of unemployment insurance benefits to people not otherwise eligible for regular unemployment, including the self-employed and those who have exhausted their regular and extended benefits.

● BENEFIT 3 – PANDEMIC EMERGENCY UNEMPLOYMENT COMPENSATION

This benefit provides an additional 13 weeks of emergency unemployment insurance for people who remain unemployed after they have exhausted their traditional unemployment benefits.

You must file your claim online.

Before you begin the application process, you will need:

  • Your Social Security Number
  • The names of all employers as they appear on your pay stub with the dates worked for all employers since October 1, 2018
  • The name and local number of your union hall, if you obtain work through a union
  • Your State Driver’s License or Identification Card number, if you have one
  • Your Alien Registration Number, if you are not a U.S. citizen but are legally authorized to work in the United States
  • If you have any non-Utah employers, you must have an accurate mailing address and phone number for them

Economic Impact Payments

The Treasury Department and the IRS will begin distribution of money to tax payers to assist with the financial strain COVID-19 is putting on you. Distributions will be automatic for most folks. However, if you typically don’t file a tax return, you will need to submit a simple one to receive the economic payment.

There are limits to how much you’ll get based on how much your adjusted gross income is, your marital and filing status, and your number of dependents. The IRS provides FAQ’s to assist you.

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Idaho Unemployment

If you are laid off, you are entitled to file for unemployment benefits.

Idaho State has compiled a list of Frequently Asked Questions to assist you in the filing process.

Due to COVID-19, Idaho has also complied some FAQ’s for Claimants due to COVID-19.

Idaho does not accept claims over the phone. You must file your claim online or at your nearest local Idaho Department of Labor.

Before you begin the application process, you will need:

  • Social Security Number
  • Driver’s License
  • If you are not a citizen of the United States, your Alien Registration number and card
  • Business names, complete addresses including zip codes and phone numbers of all employers for whom you worked during the past 2 years
  • Dates your work started and ended for those employers
  • Total gross earnings from those employers
  • Reason you are no longer working for those employers
  • DD Form 214, Member 4, Certificate of Release or Discharge from Active Duty, if you were a member of the military service in the past 2 years
  • County of residence if you live outside the state of Idaho

Employee Assistance Program

As a full-time benefits eligible employee, you have access to OneAmerica’s Employee Assistance Program at no cost to you.

What is an Employee Assistance Program (EAP)?
An Employee Assistance Program provides short-term, confidential counseling for you and anyone living in your household regardless of whether you and/or they are covered under your health insurance plan at
no out-of-pocket expense to you.

Is it Confidential?
Yes, all discussions between you and the EAP counselor are confidential. Personal information is never shared with anyone (including Magleby Construction) at any time without your direct knowledge and approval. Exceptions are made only in cases governed by law to protect individuals threatened by violence.

Employee Assistance Program counselors are experienced, caring professionals who hold a Master’s degree in counseling or a related field. They are certified or licensed by the appropriate state agency.

Counselors use a solution-focused therapy model and teach you how to resolve your unique problem while providing caring support along the way.

The entire cost of EAP services is covered by Magleby Construction. All EAP services are free to you with no co-pay or deductible required.

Each household member is entitled to 3 phone calls per incident. Should you elect to receive mental health services through your medical benefit, One America will not absorb the cost.

Call 800-311-4327 or visit guidanceresources.com