The COVID-19 battle goes on between the do-nothing Congress and President Trump. Congress wouldn’t act, so on August 10th Trump issued four executive orders to try to get aid to the people (us folks). The four orders involved:
- Extending unemployment benefits with a $400 per week extra payment
- Setting a payroll tax moratorium
- Giving student loan relief
- Extending eviction and foreclosure relief
We will explain the payroll tax moratorium in detail as soon as we know the details. The tax memorandum directs the Secretary of Treasury to issue guidance to implement the memorandum and to find ways to eliminate the deferred tax entirely. Those guidelines haven’t been issued yet. As soon as we get them, we will put out a CERT YouTube video explaining what employers should do
to take advantage of the moratorium.
In the meantime, sit tight. The moratorium is supposed to be retroactive for the third quarter of the year, so if it takes a little while to issue the guidelines, you should still get the full benefit of the tax moratorium.
You should probably start thinking about applying for the PPP loan forgiveness. Check with your bank to see if they are accepting the forgiveness applications. As soon as you have finished your eight-week or twenty-four week period and have spent your PPP money, you can apply for forgiveness. Actually, you can apply as soon as you have spent the money appropriately, even if your covered period isn’t finished. You have until the end of the year to submit the application,
but get it done and don’t procrastinate. We have done a couple of YouTube videos regarding forgiveness as part of the CERT program. The videos walk you through the full forgiveness application and the EZ forgiveness application.
Keep moving forward, and maybe we will get through COVID-19. Personally, I think half of it is going to go away after the election. The worse the Democrats can make it, the worse it hurts Trump. In the meantime, we’ll get through somehow.
