• CARES Act Update—Revised Guidelines on Payroll Tax Deferral
• Weekly Updates to Participants

CARES Act Update—Revised Guidelines on Payroll Tax Deferral

As highlighted in the June 16, 2020 On Board Express, the Paycheck Protection Program Flexibility Act (PPPFA) signed into law June 5, 2020 amends certain provisions related to Paycheck Protection Program (PPP) loans available through the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Generally, the PPPFA gives PPP borrowers more flexibility to qualify for loan forgiveness and other economic relief measures available through the CARES Act.

The PPPFA now allows all PPP borrowers—including those who have their loans forgiven—to also benefit from the CARES Act’s Payroll Tax Deferral. This deferral option (also called a tax payment “delay”) permits eligible employers to delay payment of the employer share of Social Security taxes for much of 2020—with half due December 31, 2021 and the other half due December 31, 2020.

Wespath has updated its guidelines related to the CARES Act’s Payroll Tax Deferral (Delay). The updated summary is provided here.

Please direct any questions you may have about the CARES Act to Tony Prestipino, Andy Hendren, Steve Clark or Jim O'Connell.

Weekly Updates to Participants

This week's participant e-blast communication was sent yesterday, June 17. It highlights shareholder engagement success stories, the need for clergy who are changing appointments to update contact information with Wespath and information about saving in our uncertain economy. Click here to view the full email.

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