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Program Rules. Frequently Asked Questions (5/9/2024) Frequently Asked Questions on Loan Forgiveness (10/13/2020) Interim Final Rule 1 (originally posted April 2, 2020) Interim Final Rule on Applicable Affiliation Rules (originally posted 4/3/2020)
- Small Business Tax Credit Programs | U.S. Department of the Treasury
Employee Retention Credit The American Rescue Plan extends...
- As of July 29, 2021 - U.S. Department of the Treasury
The Small Business Administration (SBA), in consultation...
- 20811 Rules and Regulations Federal Register
under a new 7(a) loan program titled the ‘‘Paycheck...
- Small Business Tax Credit Programs | U.S. Department of the Treasury
The Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, has been issuing FAQs1 regarding implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act).
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Will the SBA provide additional guidance on Paycheck Protection Program (PPP)?
What is the 'Paycheck Protection Program'?
What is the Paycheck Protection Program (PPP)?
Does the payroll protection program include employer contributions?
- The 3 Essential PPP Loan Forgiveness Rules
- How to Apply For PPP Forgiveness
- PPP Loan Forgiveness FAQs
The best part about PPP loans is that up to 100% of the funds can be forgiven. However, you’re going to have to play by the SBA’s rules: 1. Forgivable expenses must be spent on eligible categories and adhere to the 60/40 rule 2. Eligible expenses must be incurred over your chosen covered period between 8 and 24-weeks — starting from when your lende...
You apply for loan forgiveness through the lender that issued your loan—not the government. After qualifying for a PPP loan with your lender, they should send follow-up information with step-by-step instructions on how to apply for forgiveness – including how to access your loan forgiveness application. For best practices on loan forgiveness andPPP...
What are the biggest changes to the Paycheck Protection Program 2.0 loans?
Compared to the original PPP loans in 2020, the program has a few notable changes: 1. Payroll expenditure requirement: Originally, PPP loans required you to spend 75% of your funds on payroll to be eligible for forgiveness. Now, you only need to use 60% of your loan on payroll costs. 2. Business size limitations: 2.1. For First Draw PPP loans: Businesses with fewer than 500 employees can now obtain loans for up to 2.5 times their monthly payroll costs. 2.2. For Second Draw PPP loans: Business...
How can I maximize PPP loan forgiveness?
Make sure you follow all the SBA rules and requirements. Failure to do so can cause you to receive partial forgiveness or no forgiveness at all. Provide all the requested documentation and be on-time with your applications.
When is the forgiveness application deadline?
There’s no official government-mandated deadline. However, if you don’t submit for forgiveness within 10 months of the end of your covered period, then you’ll have to start making payments on the loan.
Apr 3, 2020 · Learn about the four tests for affiliation and how they apply to participants in the Paycheck Protection Program. About this document and download Affiliation rules for the Paycheck Protection Program (PPP).
Paycheck Protection Program (PPP) FAQs As of February 4 ,2021 This series of frequently asked questions (FAQs) provide answers to questions we are hearing from our members about the Paycheck Protection Program (PPP). There are currently two draws available established and modified as follows:
