The Payment Protection Flexibility Act has been signed into law by the President.
Following is a summary of the legislation’s main points compiled by the AICPA:
The main driver of small business stimulus in the CARES Act is contained in the Paycheck Protection Program (PPP). The $349 billion funded under the Small Business Administration (SBA)—Business Loans Program Account is intended to provide loans to businesses to guarantee eight weeks of payroll and other costs to help those businesses remain viable and allow their workers to pay their bills.
On May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (SBA Form 3508).
In Notice 2020-32, the IRS has clarified that no deduction is a
Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin on the Resumption of the Paycheck Protection Program
Denise Weston
Mon, 04/27/2020 - 13:53
“We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small b