By Klatzkin Tax Team
The good news is that several updates and changes have been announced since the beginning of October. It started with the announcement that the Small Business Administration (SBA) has started approving forgiveness application and forwarding payments to banks. It was followed up by the issuance of a new “simpler” loan forgiveness application for borrowers with loans less than $50,000.
By Klatzkin Tax Team
The PPP was created to encourage small businesses to keep their workforce employed during the government-declared emergency. The SBA began accepting PPP loan applications in early April, but the initial $349B of relief funds was claimed in less than two weeks.
In response to the COVID-19 pandemic, the federal government enacted legislation to help businesses pay their employees during the economic downturn. The Paycheck Protection Program (PPP) was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The popularity of the initial program led to the second round of loan funding.
By Klatzkin Tax Team
When the Paycheck Protection Program (PPP) was launched as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act , it was designed to provide immediate financial relief to companies impacted by forced business closures.
