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The Paycheck Protection Program Flexibility Act of 2020 amended the Paycheck Protection Program. [112] Loan forgiveness was expanded from eight weeks of eligible costs to the 24 weeks or December 31, 2020, whichever is earlier; alternatively, a business whose PPP loan was made before June 5 may opt to use the eight-week period instead. [88]
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 ...
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 ...
Payment of these taxes incurred after having a Paycheck Protection Program loan forgiven cannot be deferred, but taxes incurred before the loan forgiveness may continue to be deferred. [ 54 ] Provides a refundable employee retention tax credit for employers whose operations were suspended due to COVID-19 or whose revenue has significantly ...
The Small Business Administration is in the process of forgiving potentially millions of loans under the Paycheck Protection Program that were approved to support small businesses during the ...
The Paycheck Protection Program allocated about $800 billion in loans through banks that were entirely guaranteed by the Small Business Administration and, in almost all instances, forgiven as ...
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]
The analysis by NBC News, one of 11 newsrooms that sued for the release of data, also shows: Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and ...