As the coronavirus continues to overwhelm our nation’s economic and health systems, new tax credits have been introduced to ease the financial hardship placed upon families and business throughout the country. One such credit, the Employee Retention Credit, was included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
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When Congress enacted the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), the goal was to provide flexibility to businesses during an unprecedented time. Section 2302 of the CARES Act seeks to provide flexibility by allowing businesses, and self-employed individuals, to defer payment of the “employer” portion of Social Security taxes.
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As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject. All the blogs in the Paycheck Protection Program series are here: Updates #1, #2, #3, #4, #5, #6, #7,#8,#9,#10,#11,#12,#13, #14, #15, #16, #17, #18,
At this point, our readers should be familiar with the Paycheck Protection Program (PPP), the intent behind it, and the guidance issued as of April 2, 2020. Today we have summarized key changes included in the new guidance issued overnight between April 2 and April 3, including the Final Borrower Application and related regulations.
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The Families First Coronavirus Response Act (Families First Act) was approved by the Senate on March 18, 2020, and swiftly signed by the President into law.
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