![]() All Business Contributor By Neil Hare The Paycheck Protection Program authorized by the CARES Act. reduces the amount of the loan needed to be spent on payroll from 75% to 60%, thus increasing the amount of funds available for other expenses from 25% to 40%. These expenses still include rent, mortgage payments, utilities, and interest on loans. The plan outlined in the bill would also offer the following: • Extend the window businesses have to use the funds from eight weeks to 24 weeks • Push back a June 30 deadline to rehire workers to December 31, 2020 • Provide more leeway on loan forgiveness for business owners who show they could not rehire workers or reopen due to safety standards • Extend the time recipients have to repay the loan • Let companies that get loan forgiveness defer payroll taxes
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