On Monday, we issued a Client Alert (which can be found here) that addressed the interplay between the covered loan program and the payroll tax provisions of the Coronavirus Aid, Relief, and Emergency Security Act (the “CARES Act”) in which we described the CARES Act as suggesting “strongly, but not conclusively,” that deferring its deposit and payment of its share of employer payroll (i.e., social security) tax will not affect an employer’s right to receive a covered loan or to have that loan forgiven.
To read the entire text: https://www.wbny.com/siteFiles/31588/Update-Tax-Provisions-of-the-CARES-Act1.pdf