On Friday, April 10th, 2020, the IRS issued additional guidance regarding the deferral of payroll tax available under the CARES Act:
Many employers can defer deposit and payment of the their share of social security taxes (6.2%) that would be due from March 27, 2020 (CARES Enactment Date) through December 31, 2020.
Deferral available up to the date the employer receives a decision from its lender that its PPP loan is forgiven in whole or in part.
After the forgiveness date, employer is no longer eligible to defer additional social security taxes.
Any amount that was properly deferred would be due in two equal installments, with half due 12/31/2021, and the other half due 12/31/2022.
For additional information, click the link below to download the PDF.