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Small businesses wanted stimulus but got a payroll tax deferral instead.  Many are opting out.

News ,


The decision to let employers defer payroll taxes, which amounts to about 6.2% of wages dedicated to Social Security, is part of the Trump administration's effort to boost the economy absent any action from a stalemated Congress on a stimulus bill. Taxes can be deferred from Sept. 1 through the end of 2020, but must be fully repaid in 2021, no later than April 30. Otherwise, on May 1, unpaid taxes will incur penalties. The Trump administration has said it would be opting in all federal employees.

Small business owners, experts and advocates say the confusing, complicated nature of the program leaves such businesses on the hook at a time of desperate need as they attempt….Read more.