Jeffrey Allen Featured in Article on Staffing Financial Considerations with SC Biz News
Jeffrey Allen discussed financing and staffing issues businesses should consider as they plan their staffing needs when returning to work amid the COVID-19 in an article for SC Biz News on May 19, 2020.
Companies should reassess if they can sustain payroll or headcount before June 30 or if they need additional funding to keep operating, such as a loan under the Paycheck Protection Program if Congress appropriates more funding. Those in doubt should consider employee retention tax credits or Social Security deferral options instead, especially noting federal enforcement agencies’ response to businesses who didn’t need PPP to stay afloat but applied anyway.
“The employers could start as of March 27 deferring payment of the employer’s share of Social Security through the end of the year, with 50% to be paid by Dec. 31 in 2020 and 50% to be paid on Dec. 31, 2022,” Allen said. “That option is out there for folks. They can take advantage of that even if they have applied for the Paycheck Protection loan and, if funded, they can continue taking advantage of it until the time the lender says that loan is forgiven.”
For the full story, please click here.