the applicable percentage under sections 3201(a) and 3211(a)(1) of such Code), and (3) with respect to remuneration paid for pay periods ending during the payroll tax suspension period, the rate of tax under section 3111(a) of such Code shall be 0 percent (including for purposes of determining the applicable percentage under section 3221(a) of such Code). (b) Payroll tax suspension period The term payroll tax suspension period means the period beginning on February 15, 2020, and ending on June 15, 2020. (c) Employer Notification The Secretary of the Treasury (or the Secretary’s delegate) shall notify employers of the payroll tax suspension period in any manner the Secretary (or the Secretary’s delegate) deems appropriate. (d) Extension The Secretary of the Treasury (or the Secretary’s delegate) may extend the payroll tax suspension period for a period not to exceed 3 additional calendar months if the Secretary (or the Secretary’s delegate) determines that the emergency related to COVID-19 is likely to be ongoing during such period. If such period is so extended, the dollar amount in subsection (a) shall be increased by $18,750 for each month of such extension (and a like rate of increase with respect to any extension which is not a whole number of months). (e) Transfer of funds (1) Transfers to federal old-age and survivors insurance trust fund There are hereby appropriated to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act ( 42 U.S.C. 401 ) amounts equal to the reduction in revenues to the Treasury by reason of the application of subsection (a). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had such amendments not been enacted. (2) Transfers to social security equivalent benefit account There are hereby appropriated to the Social Security