The IRS announced amounts paid for personal protective equipment (PPE), such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 can be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer medical savings accounts (Archer MSAs), health reimbursement arrangements (HRAs), or health savings accounts (HSAs). Employers with such plans need to amend them according, so if the reimbursement is effective as of January 1, 2020, the amendment for a calendar year plan must be made by December 31, 2021. #IdeaoftheDay
Important: The deadline for applying for a PPP loan runs through May 31, 2021.
