Eligible small businesses, self-employed and individual contractors If you are a franchisee, or a restaurant, which we know there are many, this means YOU. Don’t miss this! you can apply for small business loans to cover payroll, benefits, mortgage, rent and other operating expenses. Portions of these loans may be forgiven, with certain limitations.
Social Security tax payments may be delayed through December 2020, and repaid through 2021 and 2022, for eligible businesses. The CARES Act also removes the $250,000 ceiling per individual taxpayer on business losses of non‐corporate taxpayers for 2018 through 2020.
Employee Retention Credit
eligible employers may be able to receive a credit against applicable employment taxes if experiencing a closure or significantly reduced gross receipts per quarter vs prior year.