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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] PPP loans made on or after June 5 must have a minimum term of five years, rather than two years. [88]
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 Small Business Administration (SBA) is making it easier for businesses to get their Payroll Protection Plan (PPP) loans forgiven, yet some of the nation’s largest lenders are opting to chart ...
The government has forgiven at least $120 million in PPP loans to companies that had higher revenues and earnings during Covid than prior to it.
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 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 U.S. Treasury Department released Monday a highly anticipated trove of data identifying every company that has received a loan of more than $150,000 from the Paycheck Protection Program (PPP ...
Overall, as of August 15, $471,137,621,001 in PPP loans had been forgiven. “We want to see all of the PPPs — $800 billion — get back into the marketplace," Guzman said.