CARES Act, Delay of payment of employer payroll taxes EXPLAINED.

The CARES Act (COVID-III), which was signed into law on March 27, 2020, provides tax relief that will help certain small businesses with cashflow and liquidity needs, including deferred tax payments and direct payments. It is important to recognize that utilizing other provisions of the law disallows the use of some of these provisions, including the Paycheck Protection Program (forgivable loans).


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Business Provisions Delay of payment of employer payroll taxes. 

• The CARES Act allows employers and self-employed individuals to defer payment of the employer share of the Social Security tax through December 31, 2020. 

• By December 31, 2022, all employers are responsible for paying the deferred 6.2% Social Security tax on employee wages. Half of the amount required to be paid by December 31, 2021 and the other half by December 31, 2022. 

• This delay does not apply to employers whose Paycheck Protection Program SBA 7(a) loans – offered through this legislation – are forgiven. (Sect. 1102, or U.S. Treasury Program Management Authority, Sect. 1109.) 

• The Social Security Trust Funds will be held harmless under this provision.

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