PPP2 Loans
The CAA, 2021 permits certain smaller businesses who received a PPP loan and experienced a 25% reduction in gross receipts to take a PPP2 Loan of up to $2 million.
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The CAA, 2021 permits certain smaller businesses who received a PPP loan and experienced a 25% reduction in gross receipts to take a PPP2 Loan of up to $2 million.
The self-employed person can receive an income tax credit of $200 per day, up to a maximum of $10,000.
Generally, the first 10 days of leave can be unpaid and then paid leave is required, pegged to the employee’s pay rate and pay hours.
The Families First Coronavirus Response Act, the “Act,” provides a refundable income tax credit for sick leave of a self-employed person
Small businesses have 12 days from the time of this post to submit an application. If you have “thought about it,” but not yet taken action, call a trusted advisor. Discuss the reasons for your hesitation; this might just be a golden opportunity to salvage your business. Make the call, start the discussion – what do you have to lose?
The “Act” provides a refundable income tax credit for sick leave of a self-employed person for qualified Sick Leave. The credit first reduces a self-employed individual’s income tax liability and any balance is refunded.
The Payroll Protection Program (“PPP”) has helped many small businesses survive around the country by providing funding for payroll and some other operating costs.
You, like all the other borrowers, immediately want to know how much of the loan proceeds can be forgiven. After all, “free” money is significantly more desirable than a loan, even if the interest rate is only 1%.
The Act provides a credit equal to 100% of the “Qualified Sick Leave Wages” paid by an employer.
Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll.