LGT's Profit Sense

The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains immediate payroll tax relief to certain employers. The employee retention credit cannot be utilized by an employer who receives a section 7(a) SBA loan or CARES loan.

Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains immediate payroll tax relief for certain employers. Delaying payment of certain employer payroll taxes is not available to employers who receive debt forgiveness for a loan received under the CARES Act Paycheck Protection Program.

Topics: coronavirus, breakingnews, COVID-19, CARES Act, Paycheck Protection Program