Perhaps something more short term could be offered instead.  A premium holiday from health benefits would technically give everyone a small bump in pay.

Or, depending how much your company pushes its wellness plan, I have seen some clients do a bulk purchase of fitness devices.  It helps encourage wellness initiatives and works as a thank you to those who have been putting in the hard work. 

And my final suggestion was even with a robust benefit package, but can always find a new benefit and have the company cover part of that cost.  A group Long Term Care policy? Pet Insurance is popular these days.  

Most companies who were able to offer raises this year found a way to add money into their benefit package.  

Hope this helps! 

We recently paid half of the traditional year-end performance bonus in July instead of waiting to pay the full bonus with the final pay of the year. 

We did not give merit increases but are looking at a one-time, across the board bonus.  

I would disagree with this and move forward with not necessarily a base increase for the employees but some sort of "bonus" or "bump" for 4th quarter. And I would make sure to brand it well. The employees will know that there is a pandemic and have some sense that they company is doing well. However, not having any type of appreciation or show of support would be devastating to the front-line employee.