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SBA Posts New Interim Rule on SBA Loan Review Decisions Under the Paycheck Protection Program (PPP)

August 15, 2016 Robert Sheen Affordable Care Act, Penalties
SBA Posts New Interim Rule on SBA Loan Review Decisions Under the Paycheck Protection Program (PPP)

Penalties are no joking matter when it comes to employers and the Affordable Care Act. A slip up in paperwork, negligence in reporting, or not offering minimum essential coverage to employees are just a few of the potential issues that can surface and result in massive penalties for companies nationwide. And the numbers keep rising. The Congressional Budget Office (CBO) has released more predictions over a ten-year span for employer penalties.

Let’s see how the figures have changed. In 2013, it appeared as though things were looking up. The CBO reported in May of that year, that in conjunction with the Joint Committee on Taxation (JCT), penalty payments by employers were decreased by $10 billion, dropping from $150 billion to $140 billion in comparison from February to May.

In 2014, the CBO estimated another $10 billion drop from $140 billion to $130 billion. However, in June of 2014, the CBO still estimated an increase of employer penalties in excess of $40 billion over that 10-year span. That number is currently estimated to be $228 billion over the next ten years, resulting in a net revenue effect to the IRS of $178 billion over that time period.

We’re committed to helping companies reduce risk, avoid penalties, and achieve 100% ACA compliance. For questions about the ACA contact us here.

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Robert Sheen

Robert Sheen

Robert Sheen, Esq., is editor-in-chief of The ACA Times. He also is founder, president and CEO of Trusaic.

Robert Sheen is Founder and President of Trusaic, Inc. Robert is a graduate of the University of Southern California, in Business Administration with an emphasis in International Finance. He earned his Juris Doctor from Loyola Law School, Los Angeles, concentrating in Tax Law.

View more by Robert Sheen

Related tags to article

1926 Revenue ActAffordable Care ActAHCA joint committe on taxCBOCongressional Budget Office (CBO)Full form for JCTIRSJoint Committee on auditionJoint Committee on Taxation (JCT)Minimum Essential CoveragePenaltiesReports
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