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The SBA and Treasury Department released a new, five-page forgiveness application for small business owners who received a PPP loan
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.
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 ...
Meant to keep employees on the payroll during a time of tremendous upheaval in the economy, PPP loans were an attractive program to borrowers because of the interest rate of just 1%, and could be ...
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]