Costs of benefits including vacation, parental, family, medical and sick leavePayments for retirement benefitsSole proprietors and independent contractors are also eligible to be included in payroll costs. Their wages, commissions, income or net earnings from self-employment can be covered by loan funds, capped at $100,000 per year for each worker.
If a small business uses a Paycheck Protection Program loan for the specified expenses over an eight-week period, the loan will be forgiven. Mortgage interest, rent and utility payments are also eligible for payment with the loan funds .Loans granted under the Paycheck Protection Program will be forgiven in full — essentially making them grants from the government — only if certain requirements are met.
Loan forgiveness will be reduced depending on how businesses use the money. If staff counts are reduced, or salaries for employees who earn less than $100,000 annually are reduced by more than 25%, then the business must repay the loan. Businesses have until June 30, 2020 to restore full-time employment and salary levels that were changed between February 15 and April 26.
Businesses will need to submit a request for forgiveness to the lender that services their loan. According to the Treasury, the request must include documents verifying employees and pay rates, as well as what the loan money was used for. Small business owners can apply through an existing U.S. Small Business Administration lender or through any federally insured deposit institution.
PPP
Why isn't this being retweeted?
Independent contractors cannot be counted towards your payroll costs
Here is what you need to know: The PPP is a disaster SBAgov and stevenmnuchin1 along with realDonaldTrump and his administration has been laying to Americans. Call your state representatives and senators and demand help NOW. It's time to revolt
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Small Business Stimulus Loans: Bank Of America Has Received Applications For $32.6 Billion, Wells Fargo Says It Can’t Meet Demand Due To Fed RestrictionsDemand for the Paycheck Protection Program under the CARES Act is skyrocketing. tiger DIAGNOSED WITH THE coronavirus VIRUSE at BronxZoo in NewYork. nice to hear that somebody now small businesses exist
Source: Forbes - 🏆 394. / 53 Read more »
Small Business Stimulus Loans: Bank Of America Has Received Applications For $32.6 Billion, Wells Fargo Says It Can’t Meet Demand Due To Fed RestrictionsBank of America has seen applications from 177,000 small businesses that account for $32.6 billion, while Wells Fargo says it can't meet demand due to fed restrictions by theothersarahh theothersarahh Wells Fargo wont because they dont want to, crooks theothersarahh uh , then lift the restrictions theothersarahh I wonder if they'd lend to one with one.
Source: Forbes - 🏆 394. / 53 Read more »
How to Apply for a Small Business Loan Through the Coronavirus Stimulus PackageThe $2 trillion stimulus package allocates $350 million for the Paycheck Protection Program.
Source: wwd - 🏆 24. / 68 Read more »
After Chaotic Start To Small Business Stimulus Program, Fed Steps In As Backstop For LoansAfter a chaotic start to the small business stimulus program, the fed has stepped in as backstop for loans by theothersarahh theothersarahh How? And why are they when we just gave them billions? Is it a money or efficency problem?
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Report: Treasury Department Will Seek Another $200 Billion For Small Business Stimulus Loan ProgramThe Paycheck Protection Program under the CARES Act got off to a rocky start, and banks now are overwhelmed with demand for $349 billion in federal loan money. More money for the big shots! What about the citizens? How about these idiots remove the 25% tariff on china and small businesses would have 25% more in their pockets
Source: Forbes - 🏆 394. / 53 Read more »
Wells Fargo forced to close loan applications due to asset cap - Business InsiderWells Fargo's lending limitations will curb its ability to benefit from facilitating SBA loans, especially given the massive volume of loan applications I have questions about this. Isn't their 'asset cap' totally separate from any monies they get under the relief program? Are they using the money to cover other problems?
Source: BusinessInsider - 🏆 729. / 51 Read more »