The site comes after the Biden administrationsaidits goal was to create an application that would be "short and simple." The application requires just a few minutes to fill out, but could leave some borrowers with questions about the timing for debt forgiveness, among other issues. President Bi...
Debt settlement companies will assess your entire credit profile and contact creditors directly on your behalf for debt forgiveness. Debt relief programs will usually request that you stop payments on your monthly credit bills in order to increase the likelihood that a creditor will settle. Generally,...
You can also qualify to have your remaining balance forgiven if you qualify for an income-driven repayment (IDR) plan. The SAVE plan, for example, will offer loan forgiveness after 10 to 25 years, depending on your original loan balance and type of loan. T...
The Paycheck Protection Program was a federal program designed to support small businesses through the COVID-19 pandemic. If you received a PPP loan, you may be able to apply for forgiveness. If this is granted, you won’t have to repay the loan. You should apply for PPP forgiveness as ...
Private student loans are a different story. If you can’t make your private student loan payments, you may not have the option to postpone or lower payments through deferment or forbearance. You won’t have the option for forgiveness, either, through programs likePublic Service Loan Forgiveness...
COD refers to the forgiveness or cancellation of a debt obligation, resulting in potential tax implications. Understanding COD and its effects can help individuals and businesses make informed financial decisions. Now, let’s delve into the details of Cancellation of Debt and gain a better understand...
Cannot claim the ERC on employee wages that they reported as payroll costs for the purposes of obtaining PPP loan forgiveness or on wages used to claim certain other tax credits. Gather the required documentation. When applying for the ERC, you may need all or some of these forms: Forms 941...
by providing a sworn affidavit and other supporting evidence. The fund will assess your situation and decide on the necessity of an extension. Additionally, “Loan Forgiveness” provisions exist for cases of permanent disability or death, ensuring your loved ones aren’t saddled with your debt. ...
Paycheck Protection Program Details (eligibility, loan amount, timing, forgiveness, etc) Eligibility.To be eligible for the PPP you must be a small business, sole proprietor, “side hustler”, or non-profit that has fewer than 500 employees. You must have been in business prior to February 15...
Yes, businesses that received a PPP loan can still claim the ERC credit, but with restrictions, such as not being able to claim the ERC for the same wages used to qualify for the PPP loan forgiveness. Can an employer claim the ERC for wages paid to employees who are working remotely?