Payroll Tax Deferral: 09/01/2020 – 12/31/2020
The Internal Revenue Service has issued guidance on the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax, if the employee’s wages are below a certain amount.
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Revised PPP Loan Forgiveness Application
On Wednesday June 17, 2020, the US Small Business Administration, in collaboration with the US Treasury, released a revised Paycheck Protection Program (PPP) Loan Forgiveness Application. The application reflects changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5, 2020.
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PPP Loan Forgiveness Changes Coming
On Wednesday night, (June 3, 2020) the Senate passed the House’s Paycheck Protection Flexibility Act. This legislation, if signed, will make key changes to the loan forgiveness provisions of the Paycheck Protection Program (PPP). The President is expected to sign the new legislation.
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