Employer Assistance

Small Businesses: $349 billion for loans to small businesses and certain nonprofit organizations with 500 or fewer employees. Loan may equal up to 250 percent of an employer’s average monthly payroll. Loan forgiven if employer maintains payroll, up to amount borrower spend on payroll, mortgage interest, rent and utility payments. Retroactive to 2/15/20. $10 billion for Small Business Administration (SBA) emergency grants of up to $10,000, and $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans. 

Employee Retention Credit: Provides a refundable payroll tax credit for 50 percent of wages paid by employers to employees during crisis. Employers must have fully or partially suspended operations due to the crisis or have seen gross receipts decline by more than 50 percent compared to the same quarter in 2019.  

Employer Payroll Tax Deferral: Employers may defer payment of payroll taxes from passage of Act to 12/31/20, with 50 percent to be paid by 12/31/21 and remaining 50 percent by 12/31/22.