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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 initiative is only for loans of $150,000 or less, which make up 92% of the PPP loans distributed. The new online portal is reportedly designed to streamline the process both for borrowers and ...
The Employee Retention Credit is equal to 50 percent of qualified wages paid to eligible employees between March 13, 2020, and December 31, 2020. [14] Eligible employee is defined differently depending on the size of the employer. If the employer averaged 100 or fewer full-time employees [h] during 2019, then all of its employees are eligible ...
California attorney Lisa Bloom agreed to a settlement with allegations stemming from misuse of Paycheck Protection Program funds. As a part of the settlement, officials said The Bloom Firm will ...
The Small Business Administration is in the process of forgiving potentially millions of loans under the Paycheck Protection Program that were approved to support small businesses during the ...
Paycheck Protection Program and Health Care Enhancement Act (H.R. 266) is a $484 billion law that increases funding to the Paycheck Protection Program and also provides more funding for hospitals and testing for COVID-19. The bill passed the Senate by voice vote on April 21, 2020. [1][2][3] The bill passed the House of Representatives by a vote ...
The IRS recently issued three revenue procedures providing guidance with respect to the timing of tax-exempt income from PPP loan forgiveness.
In July, NRF asked for further financial assistance for retailers in a letter to congressional leadership. The letter requested an increase in funding to loan and financial assistance programs to help retailers retain employees, including expediting the Paycheck Protection Program loan forgiveness for all loans up to $150,000. [46]
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