RATE Group | Bitwage Rolls Out Bitcoin 401(k) Plan With Help From Gemini
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Bitwage Rolls Out Bitcoin 401(k) Plan With Help From Gemini

27 May Bitwage Rolls Out Bitcoin 401(k) Plan With Help From Gemini

Posted at 12:47h in Bitcoin News by

Employers struggling to meet the conditions set by the U.S. government’s loan program may find salvation in an unlikely place: a new bitcoin 401(k) plan from Bitwage.

Calling the product a world first, the crypto payroll company said Tuesday it had successfully trialed its bitcoin 401(k) employee pension account and would start offering the plan to companies – especially those trying to meet the 75% payroll requirement in the federal Paycheck Protection Program (PPP).

The PPP has proven to be a lifeline for U.S. businesses struggling in the coronavirus pandemic. A total of $660 billion has been lent out nationwide by the Small Business Administration (SBA). To incentivize staff retention, the program offers 100% loan forgiveness if employers spend at least 75% of funds received on payroll expenses.

Crucially, the SBA includes things such as retirement benefits in the bucket of payroll expenses, says Bitwage. It adds that devoting some of the loans into 401(k) plans can count…

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