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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 ...
The bill is referred to as "Phase 3.5" of Congress's coronavirus response. [8] [9] It followed the first three phases: phase one "was an $8.3 billion bill spurring coronavirus vaccine research and development" (the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020), which was signed
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]
Real estate firms with one worker got $3.9 billion in government-approved Paycheck Protection Program (PPP) loans. But during Covid, the housing market boomed.
More than a million of those forgiven loans were to companies with just one employee, at a cost of $12.8 billion, or an average of $11,497 per job.
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Over the next few weeks, a number of states imposed stay-at-home orders of diverse scope and severity, which placed limits on where people could travel, work and shop away from their homes. [65] By March 21, governors in New York, California and other large states had ordered most businesses to close and for people to stay inside, with limited ...
Some of the most prolific online lenders in the federal Paycheck Protection Program had remarkably lax fraud protection controls even as they approved billions of dollars worth of loans in the ...