PAYROLL SUPPORT PROGRAM EXTENSION AGREEMENT Clause Samples
The Payroll Support Program Extension Agreement is a contractual provision that outlines the terms under which an employer receives continued financial assistance to support payroll expenses. Typically, this clause details eligibility requirements, the duration of support, and the obligations of the recipient, such as maintaining employment levels or using funds exclusively for payroll costs. Its core function is to ensure that employers can retain employees during periods of financial hardship, thereby preventing layoffs and stabilizing the workforce.
PAYROLL SUPPORT PROGRAM EXTENSION AGREEMENT. INTRODUCTION
PAYROLL SUPPORT PROGRAM EXTENSION AGREEMENT. INTRODUCTION Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP Extension Law) directs the Department of the Treasury (Treasury) to provide Payroll Support (as defined herein) to passenger air carriers and certain contractors that must be exclusively used for the continuation of payment of Employee Salaries, Wages, and Benefits (as defined herein). The PSP Extension Law permits Treasury to provide Payroll Support in such form, and on such terms and conditions, as the Secretary of the Treasury determines appropriate, and requires certain assurances from the Recipient (as defined herein). This Payroll Support Program Extension Agreement, including the application and all supporting documents submitted by the Recipient and the Payroll Support Program Extension Certification attached hereto (collectively, Agreement), memorializes the binding terms and conditions applicable to the Recipient.