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The IRS recently issued three revenue procedures providing guidance with respect to the timing of tax-exempt income from PPP loan forgiveness.
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 ...
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 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]
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 ...
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The release late Friday, May 22, of clarified rules on the Paycheck Protection Program (PPP) cleared up some aspects of the program, left some others uncertain but also drove home the point that ...