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Troutman Pepper | Revised Summary of CARES Act and FFCRA Tax Credit and Payroll Tax Relief

This is an update to our “Summary of CARES Act and FFCRA Tax Credit and Payroll Tax Relief” chart published on May 21, 2020, that summarizes the payroll and tax credit programs under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act (FFCRA). Subsequent to the publication, the President signed into law the Paycheck Protection Program Flexibility Act of 2020, and government agencies have continued issuing guidance on program eligibility and requirements. This updated chart incorporates program changes through July 6, 2020. Businesses are advised to carefully consider the eligibility requirements, limitations and potential value of each program to determine which relief is the most beneficial.

Troutman Pepper’s Employee Benefits & Executive Compensation attorneys have prepared this revised summary chart of the various payroll and tax credit programs under the CARES Act and FFRCA to assist you in evaluating your options.

If you have any questions or require assistance with determining which relief is best for the unique circumstances of your business, please contact any member of the Troutman Pepper Employee Benefits and Executive Compensation Practice Group or the COVID-19 Response Team. We are here to help you in any way that we can.

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Compliments of Troutman Pepper LLP – a member of the EACCNY.