COVID-19 > Employer Tax Deferrals
- Did the CARES Act provide for any employer tax deferment?
Effective beginning the 2nd Quarter 2020, almost all employers may defer the employee portion of Social Security (6.2%). The deferral is available through the end of 2020. Deferrals call for 50% payable by 12/31/2021 and the balance by 12/31/2022. It’s basically an interest-free loan. Employers who received funding from the Paycheck Protection Program may participate up until the point they receive notice of partial or full forgiveness of their loan. Any deferments made up until that time will remain deferred.
If you are a Payroll client of BFG, a simple email saying that you would like to begin this deferral effective as of a designated date is all we need to implement this on your behalf.