Businesses who report and pay monthly, quarterly or annually based on their insurable earnings are eligible for this deferral.
Each period reports and pays on the previous full month. For example, March 31 reporting and payment obligation covers the period of February 1-29. The following payments are eligible for deferral:
- Monthly: March 31, April 30, May 31, June 30, July 31, Aug 31
- Quarterly: April 30, July 31
- Annual: April 30
The relief package also applies to Schedule 2 organizations: publicly funded organizations (municipalities, hospitals, school boards), and other businesses who are involved in federally regulated industries. All payment obligations (weekly and monthly) for Schedule 2 businesses will be deferred until August 31, 2020.
No interest will accrue on outstanding premium payments and no penalties will be charged during this six-month deferral period.