Deferring Payroll Taxes

On August 8, the President issued an Executive Memorandum allowing employees who make less than $104,000 a year to defer their payroll taxes starting September 1 through the end of 2020. This is an update on what we know as of today.

The business community is awaiting guidance from the Treasury Department regarding the implementation of this memorandum. The Secretary of the Treasury, Steve Mnuchin, has stated that participation will be voluntary. Therefore, employers can choose not to allow their employees to take advantage of this deferral. In addition, the President’s top economic advisor, Larry Kudlow, stated that the President is looking for ways to “fully forgive” the payroll tax deferral. But nothing has been issued in writing from any US Government entity.

Employee Tax Deferral

The President issued an executive memorandum regarding a payroll tax delay. The memorandum directs the Secretary of the Treasury to implement a delay of certain employees’ obligations to pay Social Security taxes. The payroll tax provision requires guidance to be issued by the Department of Treasury.

Utilizing Emotional Intelligence: An ESC Webinar – A webinar

Emotional intelligence (EQ) has been widely cited as one of the most crucial skills in leadership today. According to Harvard Business School, EQ accounts for nearly 90% of what sets high performers apart from their peers. Join ESC’s HR Manager, Lauren Kersten, for this interactive presentation focused on EQ and engaging employees, and why it matters during the challenging times that businesses are facing today.

PPP Flexibility Act and HR Best Practices

PPP Flexibility Act and HR Best Practices as Employees Return to Work An ESC/TSA Zoom seminar Thursday, June 18, | 10 – 11:30 a.m. EST Overview Please join Tronconi Segarra & Associates and Employer Services Corporation as we share updates and information related to relief programs and employees in the workplace. Our panel of experts … Continued

Changes to Paycheck Protection Program

House Passes Paycheck Protection Flexibility Act of 2020 As expected, the House passed H.R. 7010, their Paycheck Protection Program Flexibility Act of 2020 yesterday. The Senate is expected to address its own PPP amendments bill when it returns from recess next week. If the bills the House and Senate pass are different, they will have … Continued

Release of PPP Loan Forgiveness Application

Treasury/SBA Release PPP Loan Forgiveness Application and Instructions On Friday May 15, 2020 the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP … Continued

COVID-19 Reopening Guidelines for NY

NY Summary of Reopening Guidelines May 21, 2020 As we continue to move in a positive direction with reopening the state, we wanted to share with you several important reminders in this ever-changing time. NYS has posted reopening guidelines, which can be found here. These guidelines pertain to both essential and non-essential business and all … Continued