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A South Jersey health system is paying $3.1 million to settle allegations that it improperly took a loan from the federal Paycheck Protection Program during the Covid era. The payment by Shore ...
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 ...
Provisions of the Paycheck Protection Program and Health Care Enhancement Act include the following. Appropriates an additional $320 billion of funding for the Paycheck Protection Program, which provides low-interest loans for payroll costs and other expenses to small businesses that are forgivable under certain circumstances. [19]
The PPP programs’ original stated intent by officials was to help with payroll for small businesses struggling under the effects of coronavirus lockdown measures.
During the 2020 COVID-19 pandemic, ProPublica reported the company received between $41.7 and $97 million in federally backed small business loans as part of the Paycheck Protection Program. PPP is designed for small companies and has a maximum of $10 million loan value, but Vibra received the loans split between 26 LLCs at the same address. 23 ...
A South Florida man facing prison for his role in stealing millions from a federal COVID-19 loan program ... Philossaint also admitted that the network of companies received $2 million in PPP ...
On April 20, 2020, during the COVID-19 pandemic, IDT Corporation applied for and received a loan of US$10 million as part of the Paycheck Protection Program. On April 26, 2020, due to criticism of large companies who were accessing the loan program intended to help small businesses, IDT announced that they would return the loan. [28] [29] [30]
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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