The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming support and was signed into law by President Trump on March 27th, 2020. CARES was far-reaching and included substantial stimulus for businesses, particularly small businesses. In this post, we’ll look at some possible blending of stimulus opportunities for better tax and fiscal advantage.
Paycheck Protection Program (PPP). The PPP is a forgivable loan from the SBA to help businesses sustain payroll. In general, businesses with less than 500 employees could get a loan for 2.5 months of certain expenses. After several false starts and quite a few rule changes (43 at last count), and even a new statute (the PPPFA), the PPP was used by many businesses, including about 700,000 that received loans of $150,000 or more. The SBA published the list of loan recipients. Provided the borrower meets certain criteria on the use of the funds for qualifying expenses within a 24-week period, the loan is partially or fully forgiven.
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Image is Getty from original post on Forbes.com.