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Need a loan provision to offer CARES loans?


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Did the plan need to have loan provisions already in place before they issued CARES loans?

We have a client that issued an $80,000 loan without having a loan provision in the plan.

Could we retroactively amend the plan to allow for loans?

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

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Thanks.  Now it looks like there's a resolution to add loans int he file, but no formal amendment, SMM or anything like that.

Plus, I don't think there was any sort of loan documentation created when he took the loan.

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

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