![]() ![]() Further, Congress has enacted legislative relief, including certain provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriations Acts (CAA). ![]() ![]() In response to these federal emergency declarations, the Internal Revenue Service (IRS) and other government agencies have issued various forms of regulatory and other relief. A national emergency declaration is in effect until it is terminated by the president or through a joint resolution by Congress. This PHE has been routinely renewed in 90-day increments.įormer President Trump first issued a national emergency declaration in March 2020. The Secretary of the US Department of Health and Human Services (HHS) first declared a public health emergency in January 2020 for the COVID-19 pandemic. These articles will be released periodically before May 11. This series will explore the implications of the PHE and NE and what their impending end may mean for benefit plan sponsors. The PHE and NE have different impacts on plan administration and benefit plan requirements. While both are declared by different individuals, both are ultimately controlled by the current administration. The differences between and impact of the PHE and NE are commonly misunderstood. The end of the PHE and NE may mean added costs for benefits plans and new questions regarding compliance. These emergency declarations have been in place for nearly three years and have enabled the government to modify certain coverage requirements by Medicare, Medicaid and private insurance plans, as well as benefits administration rules. On January 30, 2023, the Biden administration announced its intention to make final extensions of both the COVID-19 National Emergency (NE) and the COVID-19 Public Health Emergency (PHE) through May 11, 2023, at which point both will end. ![]() A recording of the webinar is available here. Builder sentiment, now well into the negative range, is half of what it was just six months ago.Our April 3, 2023, webinar explored the impacts that the end of the PHE and NE will have on employee benefit plans and what actions employers and benefit plan sponsors should be taking to prepare. Higher rates and falling buyer demand caused homebuilder sentiment to drop again on the National Association of Home Builders index. Mortgage rates moved even higher this week, with another reading from Mortgage News Daily putting the 30-year fixed at 7.15% on Tuesday. The ARM share last week rose to 12.8% of all applications, which was the highest share since March 2008. "Residential housing activity ranging from new housing starts to home sales have been on downward trends coinciding with the rise in rates."Īs potential homebuyers struggle to afford a house, given higher interest rates and still high home prices, more are now turning to adjustable-rate loans, which offer lower rates. "The speed and level to which rates have climbed this year have greatly reduced refinance activity and exacerbated existing affordability challenges in the purchase market," Joel Kan, an MBA economist, said in a release Wednesday. That is the highest rate since 2002 on the MBA's index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.94% from 6.81%, with points decreasing to 0.95 from 0.97 (including the origination fee) for loans with a 20% down payment. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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