USPS elects not to implement payroll tax deferrals

Posted on September 22, 2020September 22, 2020 by 21cpw

The Postal Service is providing employees with information about an optional deferral of payroll taxes for workers. President Donald Trump recently issued a memorandum instructing Treasury Secretary Steven Mnuchin to allow employers to defer the collection of the employee portion of Social Security payroll tax between Sept. 1 and Dec. 31. This would not constitute…

USPS could borrow as much as $10 billion

Posted on July 29, 2020July 29, 2020 by 21cpw

The Postal Service has reached an agreement with the U.S. Treasury Department on terms and conditions associated with a new lending authority that could allow USPS to borrow as much as $10 billion. The lending authority was established under the Coronavirus Aid, Relief and Economic Security Act — also known as the CARES Act —…