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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 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-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
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The Act centers on a temporary, two-year reprieve from the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), together known as the " Bush tax cuts ." Income taxes would have returned to Clinton administration -era rates in 2011 had Congress not passed this law. The Act also extends ...
Tax debt relief is a way the government helps you when you can’t afford to pay your tax bill. This comes in the form of a payment plan or a settlement in which the IRS agrees to settle your tax ...
He submitted fake payroll and tax documents to secure loans from private lenders and the Small Business Administration, and pandemic relief grants from the Governor's Office for Emergency Relief ...
PPP caps payroll costs at $100,000 on an annualized basis per employee.