The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Employers who have received a PPP loan may defer deposit and payment of the employer's share of Social Security tax that otherwise would be required to be made beginning on March 27, 2020, through the date the lender issues a decision to forgive the loan in accordance with paragraph (g) of section 1106 of the CARES Act, without incurring failure to deposit and failure to pay penalties.
Resource: https://www.irs.gov/
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Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal, and accounting advice. WYCOTAX, LLC is an outsource tax, payroll, and bookkeeping company and not associated with any aforementioned institution.
