The employer’s share of Social Security Tax (but not Medicare tax) can be delayed, and paid over two years. The deferral applies to self-employed individuals and recipients of PPP loans (but only until the date of the Payroll Protection Program (PPP) loan forgiveness).
The House of Representatives on Thursday, May 28th passed new legislation that would make it easier for businesses to have their Paycheck Protection Program loans forgiven by relaxing restrictions on how the loan money can be used and extending the period that businesses have to use the funds.
The brand-new Paycheck Protection Program (PPP) is designed to support American small businesses with immediate cash support during the COVID-19 pandemic.
There has been some confusion as there is a 10/31 expiration date on PPP forgiveness forms. Forgiveness applications are NOT due on Oct 31st.
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