President Trump issued a Memorandum deferring payroll tax obligations due to COVID-19. It directs the IRS to defer the withholding, deposit, and payment of the 6.2 percent employee’s share of Social Security taxes, between September 1 through the end of this year. Additionally, the IRS is also directed to consider the possibility of forgiveness for these funds, rather than the repayment. It is likely that Congress will explore the option of forgiveness as well.