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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 ...
Small businesses that received PPP loans of $50,000 or less can now apply for forgiveness using a simplified application form.
The SBA and Treasury Department released a new, five-page forgiveness application for small business owners who received a PPP loan
An employer that has already filed its Form 941 for each quarter may file a Form 941-X with the IRS in order to request the tax credit be refunded to it by a check by mail. [3] An employer may file Form 941-X to receive a tax refund up to three years and four months after the end of the calendar year if the original Form 941 was filed before ...
“As one of the leading PPP lenders in the nation, Customers Bank is proud to partner with SBA to deliver responsive digital loan forgiveness service to the small business borrowers,” Sam Sidhu ...
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]
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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.
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