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The SBA and Treasury Department released a new, five-page forgiveness application for small business owners who received a PPP loan
Small businesses that received PPP loans of $50,000 or less can now apply for forgiveness using a simplified application form. Small businesses that received PPP loans of $50,000 or less can now ...
The program relied on banks to manage most aspects of the loans with very little government intervention, which meant lenders setting up their own process for collecting loan forgiveness ...
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 ...
Of that amount, $60 billion is for PPP loans made by small banks, small credit unions, and community financial institutions. [19] [20] Appropriates an additional $10 billion for emergency Economic Injury Disaster Loans. [21] [20] Expands eligibility for emergency Economic Injury Disaster Loans to farms and agricultural-related businesses. [22] [20]
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]
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