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Overview of Payment Protection Program (“PPP”) Loans – March 30, 2020

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act provides a $2.2 trillion stimulus package to combat the effects of the novel coronavirus. The $2.2 trillion package provides paychecks to individuals, loans to businesses, and tax breaks. Specifically, Section 1107 of the…

Employer Payroll Tax Credits – March 20, 2020

  Summary of Employer Payroll Tax Credits The Families First Coronavirus Response Act (H.R. 6201) (“Coronavirus Act”) was signed into legislation on March 18, 2020.  Under the Coronavirus Act, employers are eligible for payroll tax credits in connection with providing paid leave to their employees. Specifically, the employer portion of Social Security tax may be…