Defer Payment of the Employer’s Share of the Social Security Tax (6.2%) and Still Receive a Paycheck Protection Loan Recent IRS guidance now allows employers to defer the payment of the employer’s share of the social security tax (6.2%) due, beginning on March 27, 2020 through...
What are the Economic Impact Payments? Under a provision established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Economic Impact Payments (also known as stimulus checks) are Recovery Rebate payments to be distributed to individuals. The rebate checks are for $1,200 for a...
The Department of Treasury has released the Paycheck Protection Program Application and Supplementary information. All which is now available on their website. Click Here: US Department of Treasury The links below are to the sample application current as of 3/31/2020 and the terms, such as loan...
In order to provide increased liquidity during the COVID-19 crisis, The CARES Act has also provided a temporary payroll tax holiday. This is an option for employers to defer certain payroll taxes due between the enactment of the CARES Act and December 31, 2020. Important to...
Another crucial piece of the law that is provided to assist employers, is the Employee Retention Credit, that provides a refundable credit against applicable federal employment taxes. The provision is effective for wages paid or incurred from March 13, 2020 through December 31, 2020. Important to...
*****THIS BLOG POST HAS BEEN SUPERSEDED, SPECIFICALLY THE TERMS OF THE LOAN RATES AND REPAYMENTS. SEE UPDATED BLOG POST PAYROLL PROTECTION PROGRAM LOAN APPLICATION RELEASED***** Seemingly the most significant lending option in the CARES Act, the small business-focused Paycheck Protection Program increases the government guarantee...
This is current as of 3/25/2020. The information may change as new programs and aid package legislation are passed. Please note NYS PFL is available only for those sickened by COVID-19 or have to care for a family member sickened by it (as always is...
As explained in our previous posts, on March 18th the Federal government and New York State each passed independent emergency legislation guaranteeing job protection and pay for New Yorkers who have been quarantined as a result of novel coronavirus, or COVID-19. Two days later, on...
Mayor Bill de Blasio announced on March 8 that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be...
The U.S. Small Business Administration has added all counties within the State of New York as eligible for the SBA Economic Injury Disaster Loans. Below please find important information and links from the Town of Brookhaven Division of Economic Development regarding the SBA Economic...
