Under the CARES Act, Employers are provided the ability to defer the deposit and payment of the employer’s share of social security tax payments that were otherwise required to be made from March 27, 2020 through December 31, 2020.
The Treasury Department has released FAQs providing further clarification of the PPP Loan program. Please review this overview carefully to determine if the changes impact your loan. Additionally, be sure to consult the official Treasury Department FAQs page.
On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act which includes many key provisions to assist small and mid-sized businesses. Here are some of the CARES Act key provisions that may have an immediate impact on your business.
Please note. COVID-19 legislation is rapidly evolving and things are constantly changing. CTR will do its best to provide the most current information possible.
Senators from both parties have drafted the CARES Bill. This bi-partisan effort to “protect Americans’ livelihoods” is extensive and, if passed, will see an infusion of hundreds of billions of dollars in the US economy. The legislation covers five key areas: small business, taxes, health care, unemployment, and distressed industries.