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The IRS recently issued three revenue procedures providing guidance with respect to the timing of tax-exempt income from PPP loan forgiveness.
The Employee Retention Credit is equal to 50 percent of qualified wages paid to eligible employees between March 13, 2020, and December 31, 2020. [14] Eligible employee is defined differently depending on the size of the employer. If the employer averaged 100 or fewer full-time employees [h] during 2019, then all of its employees are eligible ...
Employer payroll tax deferral is allowed even after loan forgiveness is approved. PPP loan proceeds are required to be spent only on allowable costs during the eight- or 24-week covered period. Rep. Dean Phillips (D MN) introduced the bill on May 26. The House of Representatives passed the bill by a vote of 417–1 on May 28. [113]
The initiative is only for loans of $150,000 or less, which make up 92% of the PPP loans distributed. The new online portal is reportedly designed to streamline the process both for borrowers and ...
A key part of the Small Business Administration's Paycheck Protection Program is forgiveness. "The next big critical moment here is going to be some clear guidance on the forgiveness piece of this ...
Public Service Loan Forgiveness. The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time ...
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The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]