A number of clients have recently asked us about the interplay between the covered loan program and the payroll tax provisions of the Coronavirus Aid, Relief, and Emergency Security Act (the “CARES Act”) and particularly whether claiming the Employee Retention Credit or deferring the payment of employer payroll taxes would affect their ability to receive covered loans and loan forgiveness under the Paycheck Protection Program.
To read the entire text: https://www.wbny.com/siteFiles/31556/Update-Tax-Provisions-of-the-CARES-Act.pdf