Updates from the White House | New updates on the Paycheck Protection Program

This order uses existing authority to delay federal tax collections to defer, but not cancel, employee’s social security payroll tax levy. It provides temporary relief to employees that are “generally” paid up to $4,000 biweekly, or $104,000 per year. No deferral is provided for employees with typical pay above that level, nor for employer payroll taxes. It also requires the Treasury Department to consider options for cancelling these deferred with holdings.

Directs the Secretary of the Treasury to use authority under to 26 U.S.C. 7508A (which authorizes the postponement of tax payment deadlines during declared disasters terroristic or military actions) to defer the of the 6.2% federal social security tax employees.

The deferral covers the period September 1 to December 31, 2020, with payments deferred without penalty or interest.

The deferral applies only to employees whose compensation is “generally less” than $4,000 per biweekly pay period.

Directs the Treasury Secretary to “explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.”

Click HERE to see the full memorandum

On Saturday, President Trump signed a “Memorandum on Continued Student Loan Payment Relief During the COVID-19 Pandemic”, which instructs the Secretary of Education to provide deferments and a waiver of interest on eligible student loans until December 31, 2020.

Click HERE to see the full memorandum

Interim Final Rule – Appeals of SBA HERE

Loan Review Decisions Under the PPP HERE

Frequently Asked Questions HERE – FAQs # 50 and #51 have been added

Frequently Asked Questions For Loan Forgiveness HERE

Summary of PPP lending as of 8/8/20 HERE