An additional feature of the new legislation is that recipients of the PPP loan are now eligible for Employer Social Security Tax Deferral, even after the payroll forgiveness.
In essence the employer can use the 6.2% Employer Social Security Tax from 03/27/2020-12/31/2020, like a loan and repay 50% by 12/31/2021 and 50% by 12/31/2022.
As you may know, there have been three major stimulus bills, included and subsequently enhanced in these bills, is the Employee Retention Credit. The Employee Retention Credit is now capped at 5K per
On December 27th, Congress passed a $900 billion coronavirus aid package, included in the Consolidated Appropriations Act 2021. The bill is very detailed. We are keeping our eyes open as more informat
What’s the difference and should you utilize it? Under the Cares Act, an employer is allowed to defer payment of the employer portion of social security tax, for the amounts accrued 3/27/2020-12/31/20