Update to the “Paycheck Protection Program” allows for deferred payroll taxes.
When the CARES act was signed into law in March of this year, a section of the law, known as the Paycheck Protection Program (PPP), assisted small businesses by offering up to 8 weeks of their payrolls for employees during the national lockdown.
On Friday, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law, allowing small businesses to defer the small business loans offered by the coronavirus through the end of this December.
The extension of aid is a relief to small business owners, and Congress’ passing of the act was bipartisan.
As the Lord Leads, Pray with Us…
- For President Trump as he continues to mitigate the pandemic for the American citizens.
- For the Senate as they look for ways to work together to improve U.S. laws.
- That small businesses would be able to benefit from this opportunity in the way it was intended.
Sources: WhiteHouse.gov, CNN, NatLawReview.com
