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Client Alert – New Guidance on PPP Loan Forgiveness, and Recent Changes on Social Security Taxes

Last week the SBA released important guidance on PPP loans regarding two operating costs incurred by many businesses – owner/employee compensation, and rent/mortgage interest. Depending the circumstance some or all of these costs may not be forgiven by the SBA.

Additionally, last month President Trump issued an Executive Order which changes the amount withheld for Social Security taxes. Virtually all employers are affected, and some of your employees will take home more pay for the remainder of 2020.

If you have any questions, or need assistance, please call or email Joe LaferreraAaron Kriss or Sean Gilligan.