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President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
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 ...
If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer considered deferred, and borrowers will begin making loan ...
Those employees, along with an army of contractors, are responsible for overseeing a loan portfolio that currently includes 48,000 PPP loans with an outstanding balance of $1.3 billion and dealing ...
The Employee Retention Credit is a refundable tax credit against an employer's payroll taxes. [2] It was established as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Donald Trump, in order to help employers during the pandemic. [3]
The SBA and Treasury Department released a new, five-page forgiveness application for small business owners who received a PPP loan
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 IRS recently issued three revenue procedures providing guidance with respect to the timing of tax-exempt income from PPP loan forgiveness.
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