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The Paycheck Protection Program Flexibility Act of 2020 amended the Paycheck Protection Program. [112] 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 ]
The new online portal is reportedly designed to streamline the process both for borrowers and for the program’s nearly 5,500 lenders. Since 2020, it has provided more than 11.7 million loans ...
The IRS recently issued three revenue procedures providing guidance with respect to the timing of tax-exempt income from PPP loan forgiveness.
The second round of the Small Business Administration's Paycheck Protection Program launched on Monday, allowing lenders to issue forgivable, government-guaranteed loans to small businesses ...
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 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]
In 2020, Gusto has built more than 50 new products in the last year directed toward helping small businesses. Releases included customizable payroll reports, a simplified Paycheck Protection Program (PPP) Loan Forgiveness tracker and a streamlined PPP application report that’s been downloaded more than 80,000 times to date. Nationwide, Gusto ...
This program began with the first coronavirus stimulus package, passed in March 2020. This round of the PPP provides funding for up to $284 billion in loans. Second Stimulus Bill: Paycheck ...
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