The 401(k) contribution cap will remain the same because the IRS has determined that there has not been a significant enough rise in the Consumer Price Index — the metric for measuring inflation. The catch-up contribution max will also stay the same at $5,500. No change to the limits may seem inconsequential to the many Americans struggling to pay their month-to-month bills, but the many Americans grossly under prepared for retirement might feel different.
The stimulus law allows this in order to help retirement plans meet increasing demand for hardship withdrawals.
They include temporary suspension of GAAP standards for some loan modifications.
Bill Sweet of Ritholtz Wealth compared the Paycheck Protection Program's rollout to "the small business Fyre Festival."
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