Demystifying the CARES Act Webinar - April 3, 2020 CARES Act Webinar – BD 4.3.2020 | Page 8

INDIVIDUAL TAX PROVISIONS 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 8