On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was enacted to provide financial help to both employees and small business owners. If your business experienced financial losses due to the pandemic, you can get assistance through the CARES Act in the form of tax relief.
One option involves deferring your business’s Social Security tax payments until December 31, 2020. Another option allows you to get an employee retention tax credit that is designed to help you keep your employees on your payroll. With these resources from the Small Business Administration, you can get information on both tax relief options, find answers to other COVID-19 tax-related questions, and help get your business back on track.
Find out more here.