Earlier today, President Trump signed the Paycheck Protection Flexibility Act (“PPFA”), making certain changes to the Paycheck Protection Program enacted as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act in March.  Section 4 of the PPFA amends Section 2302(a) of the CARES Act to delete section 2302(a)(3).  Accordingly, employers who obtain forgiveness of a Paycheck Protection Program (“PPP”) loan may now defer all employer social security tax deposits that would otherwise be required to be deposited before January 1, 2020. …
Continue Reading Paycheck Protection Flexibility Act Becomes Law; Extends Employer Social Security Tax Deferral for PPP Loan Recipients