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The recently enacted Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (the CARES Act) allowed employers to defer the payment of certain employment taxes due for 2020.
within Compliance and Consumer Protection topic(s)
with readers working within the Healthcare industries
The recently enacted Coronavirus Aid, Relief, and Economic
Security Act (H.R. 748) (the CARES Act) allowed employers to defer
the payment of certain employment taxes due for 2020. The CARES
Act, however, also included an exception for recipients of a
paycheck protection program loan (established by the Act) that had
such loan forgiven.
The Paycheck Protection Program Flexibility Act of 2020 (H.R.
7010) passed by Congress on June 3, 2020 and signed by the
President into law on June 5, 2020, amends the CARES Act to
eliminate such exception, effective as if included in the CARES Act
to begin with. Consequently, the ability of employers to defer
certain 2020 employment taxes pursuant to the CARES Act is not
hindered by either the receipt of a paycheck protection program
loan or its forgiveness.
Originally published 6 June, 2020
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