5. As a result of the CARES Act, March 2020 and FFCRA, April 2020 the 2020 third quarter 941 accounted for deferral of the employee share of social security tax on line 13b; credits for qualified sick and family leave wages (line 13c) and the employee retention credit (line 13d).

a) The deferral of employee share of social security tax withholding on wages was only available in 2020, briefly explain what this means and the time period that it applied to.

b) What does CARES and FFCRA stand for? Briefly define each.

c) Briefly describe the credit for qualified sick and family leave wages and the employee retention credit.

d) Another provision of the CARES Act was the PPP loans, briefly describe the purpose of these loans.