April 6, 2020 - NFP CARES Act Webinar CARES Act Webinar - NFP - Final | Page 56
INDIVIDUAL TAX PROVISIONS - CARES
ACT
Student Loan Relief
• All payments of principal and interest are suspended
• Employers can provide a student loan repayment benefit
tax free to employees. Employers can contribute up to
$5,250 toward an employee's student loans tax free to the
employee. The cap is counted against any educational
assistance currently provided by the employer. Payments
should be made after Feb 27, 2020 and before Jan 1, 2021
Above the line deduction for 2020 charitable
contributions up to $300 and relaxation of other
limitations
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