EIDLs can reach $2 million. While the main part of the EIDL has to be repaid, the $10,000 EIDL advance is automatically forgiven. PPP loans can reach up to $10 million and are 100% forgivable if the borrower follows loan forgiveness rules laid out by the SBA. The EIDL is meant to ...
Payroll data is calculated into 16 outcomes to determine the timing of loan forgiveness and if any non-payroll expense is required Outcomes affect when and how clients apply and bring people back on payroll Outcomes defined: 2 periods:standard|alternative ...
Unfortunately, they do not have the same forgiveness stipulations attached to them and must be repaid; however, the time is lengthy and interest rates low. In addition to the loan programs above, California has two distinct loan programs for businesses. California COVID-19 Disaster Relief Loan ...
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote ...
(A) IN GENERAL.—The amount of loan forgiveness under this section shall be reduced by the percentage equal to the difference obtained by subtracting— (i) the quotient obtained by dividing— (I) the average number of full-time equivalent employees per month employed by the eligible recipient ...