BBJ: CFG Bank owner to cover his employees’ payroll taxes

By Holden Wilen

October 12, 2020

Employees of Baltimore-based Capital Funding Group and CFG Bank are getting a boost to their paychecks after owner Jack Dwyer promised to pay their payroll taxes for the remainder of the year.

Dwyer’s initiative builds upon an executive order issued by Presidential Donald Trump in August that created a payroll tax holiday. He hopes that by putting more money into the pockets of his employees, they will spend it at local businesses and help fuel the economy.

“To me it’s all about making an attempt to stimulate the economy,” Dwyer said. “In my opinion, the companies that are at least equal to or greater than what they were making prior to the pandemic should be giving back to the people that haven’t been as fortunate during the pandemic. This is my way of doing that.”

By promising to take on the responsibility of repaying the tax owed for CFG employees, Dwyer is turning tax deferment into tax forgiveness. All told, he said the move will cost him “a couple hundred thousand dollars.” He wants employees to spend their extra money at restaurants, salons, tutoring centers, flights out of BWI and gyms, among others.

Dwyer hopes that other businesses take notice of what he is doing at CFG and copy the initiative for their employees.

To read the full article, visit the Baltimore Business Journal website.

Source: Baltimore Business Journal