WebDec 28, 2024 · First came the CARES Act, which established the paycheck protection program (PPP) in March of 2024; then in December, Congress passed the Consolidated … WebOct 22, 2024 · To have your PPP loan forgiven, you must use 60% or more of your loan on payroll expenses (including wages, payroll taxes, ... Your covered period refers to the time …

Second Draw PPP Loan Regulations Are Out: What You Need To …

WebJan 8, 2024 · The formula for the amount you can borrow remains unchanged from the first round. The maximum amount you can borrow is equal to 2.5x your monthly payroll, … WebJan 9, 2024 · The law reopens the PPP program (through March 31, 2024) to allow First Draw (first-time) loans to businesses that did not receive them in 2024. These loans are provided under the same general terms and with the same limits as the initial PPP loans, ... Misuse of Funds. If PPP funds are used for unauthorized purposes, ... needwood baptist church brunswick ga

FAQ - Eight Week Forgiveness Period - SBA

WebThe Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be … WebMay 5, 2024 · The purpose of the Paycheck Protection Program is to, well, protect paychecks. You must commit to maintaining an average monthly number of full-time equivalent employees equal or above the average monthly number of full-time equivalent employees during the previous 1-year period. And you must spend 60% of the loan funds … WebJul 7, 2024 · Those who didn't reduce their full time employee equivalent (FTE) in 2024 by more than 25%, but whose loan was in excess of $150,000, should use the easier Form … need wisdom teeth removed no dental insurance