President Trump signed a memorandum directing the Treasury Department to defer payroll taxes from September 1 through the end of the year for those earning under $4,000 (pre-tax) during any bi-weekly pay period (or $96,000/year). Other executive actions, which come amid an impasse on agreeing to additional coronavirus relief between the Administration and congressional Democratic leaders, include allowing a $400 federal unemployment benefit add-on; providing assistance to renters and homeowners regarding evictions; and suspending student loan payments.
08-10-2020Negotiations on the next coronavirus response bill begin in earnest this week and pressures to act includes the expiration of expanded unemployment benefits July 31, the planned start of the congressional recess soon after, and economic and health care needs created by the coronavirus.
07-21-2020The House is scheduled today to consider two bills related to coronavirus aid. H.R. 7010 from Rep. Dean Phillips (D-Minn.) and 35 bipartisan cosponsors would give businesses more time and flexibility to make qualifying expenditures for loan forgiveness under the Paycheck Protection Program, and allow businesses with forgiven loans to defer payroll taxes.
05-28-2020The Small Business Administration on May 22 released interim final rules related to the Paycheck Protection Program. The rules outline procedures for borrowers to calculate costs eligible for loan forgiveness in […]
05-26-2020The Senate on April 21 passed by voice vote the “Phase 3.5” Paycheck Protection Program and Health Care Enhancement Act. The $484 billion interim coronavirus relief measure would provide $310 billion for the Small Business Administration鈥檚 now-exhausted Paycheck Protection Program, $60 billion for disaster loans through the SBA’s Economic Injury Disaster Loan (EIDL) program, and an additional $100 billion for health care provider relief ($75 billion) and coronavirus testing ($25 billion).
04-22-2020The Senate approved 96-0 the approximately $2 trillion "Phase III" stimulus bill known as the CARES Act. The House is expected to pass the bill by today after which the […]
03-27-2020