August 25, 2020
Does your rostered minister have student loan debt? Has your congregation considered assisting with this debt? Now through December 31, 2020 is the perfect time to do this.
The COVID-19 virus pandemic devastated the United States’ economy, causing millions of people to lose their jobs or to experience reductions in income. With so many people struggling to make ends meet, the government created the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide economic assistance.
The CARES act allows the employer to contribute up to $5,250 toward an employee's student loans. The payment is excluded from the employee's income. It's also tax-free for the employer, since it's not subject to payroll taxes up to the contribution threshold. It's a win win!
For more information, see https://www.elfi.com/important-details-on-employer-student-loan-assistance-programs/