SEPTEMBER 1, 2020 On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often
AUGUST 11, 2020 On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning
JULY 13, 2020 The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand
JULY 1, 2020 The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k)
JUNE 25, 2020 Many small and midsize businesses with Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act have been struggling with spending those funds roductively within the eight-week loan forgiveness period (Covered Period).
JUNE 18, 2020 Earlier this week, the U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, posted a revised, user-friendly Paycheck Protection Program (PPP) loan forgiveness application. In addition to revising the full forgiveness application, the
JUNE 15, 2020 In addition to the revisions to the first final rule released on June 12, the Small Business Administration also published an updated, streamlined application form for borrowers to use for loans made on or after June 5,
JUNE 12, 2020 The Small Business Administration amended its rules governing the Paycheck Protection Program to allow small businesses to qualify for partial loan forgiveness even if 60% of the government-financed loan wasn’t directed toward loan forgiveness. The SBA issued
The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law
June 4, 2020 On Wednesday June 3, the Senate passed legislation that aims to make changes to the Paycheck Protection Program (PPP) in order to give business owners more flexibility to use the popular loans. It will now head to
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