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An NPR analysis of SBA data released in January found that 92% of PPP loans were granted full or partial forgiveness. Some businesses with rich owners were among those that got off the hook.
SBA has approved more than $188.4 million for 1,115 Maui disaster loans for property damage for homes, and more than $62.4 million for 260 businesses or private nonprofits.
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 ...
SBA ramps up PPP loan forgiveness as big banks like JPMorgan, PNC go their own way. ... Over 80% of 2020 loan recipients at Chase have had their loans forgiven,” according to Elizabeth Seymour ...
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]
In principle, the forgiveness terms are straightforward: borrowers must spend 75% of the loan on payroll costs, such as salaries, tips, leave, severance pay and health insurance, within the first ...
Beginning April 6, 2021, the U.S. Small Business Administration (SBA) is expanding its Economic Injury and Disaster Loan (EIDL) program, the organization announced in a press release. Small ...