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Payroll loans can help small businesses cover payroll expenses if they are short on cash. Here’s what to know about payroll loans.
The Paycheck Protection Program allows entities to apply for low-interest private loans to pay for payroll and certain other costs. A PPP loan amount is approximately equal to 2.5 times the applicant's average monthly payroll costs.
The Middle Class Tax Relief and Job Creation Act of 2012 (Pub. L. Tooltip Public Law (United States) 112–96 (text), H.R. 3630, 126 Stat. 156, enacted February 22, 2012), also known as the "payroll tax cut", was an Act of the United States Congress.
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll.
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Contributions for salaries between the minimum wage and 1.6 times the minimum wage are eligible to relief (known as Fillon relief) of up to 28 percentage points of employer contributions, effectively halving employer non-wage costs.
“The one possibility of avoiding these involuntary reductions on Oct. 1 is a clean extension” of the payroll relief, Parker and Isom said in their letter to employees.
The American Taxpayer Relief Act of 2012 (ATRA) was enacted and passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day. ATRA gave permanence to the lower rates of much of the "Bush tax cuts".
While companies that specialize in payroll processing could adapt to the change quickly, smaller companies that do their own payrolls could take longer. It was possible that employees would have to wait for up to three paychecks to see the reduction take place.