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Forgiveness Reductions Based on Salary or Wages
Documents
1. COVERED PERIOD:
The covered period is the period beginning on the date the lender disburses the PPP loan and ending on the date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement (the “Covered Period”). Please note that the option to elect an alternative covered period was removed because the Economic Aid Act provided borrowers flexibility to choose the end of their Covered Period. The Covered Periods for a First Draw PPP Loan and a Second Draw PPP Loan cannot overlap; the borrower must use all proceeds for the First Draw PPP Loan for eligible expenses before disbursement of the Second Draw PPP Loan.
Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #9 | Schwabe, Williamson & Wyatt PC jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the legislation (referred to herein as the Economic Aid Act) included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1) accept PPP loan applications from eligible borrowers that did not receive a PPP loan under the earlier program (known as First Draw Loans ); (2) permit qualifying businesses that received a PPP loan under the earlier program to receive a second PPP loan (known as Second Draw Loans ); (3) allow existing PPP borrowers not eligible for a Second Draw Loan to spend any remaining PPP funds on permitted expenses, which include additional forgivable expenses; and (4) change PPP rules for existing PPP borrowers, new PPP borrowers, and second draw borrowers in the areas of eligibility, forgivable expenses, and loan forgiveness.
Billboard’s 2021 Top Business Managers Billboard 2/22/2021 Billboard Staff
The music industry’s leading business managers serve as financial advisers, tax accountants and fiscal therapists for artists and executives alike and they have long preached the importance of saving for a rainy day. But what if the storm lasts for a year?
In 2020, as revenue from live touring halted, traditional recording sessions ceased and marketing meetings moved to Zoom, the roles of business managers became more crucial than ever. “This year has been a bit of a roller coaster,” says Sally Velazquez, owner of Empower Business Management.
Business managers helped their clients financially survive the pandemic by revising cash flow projections, focusing on long-term plans and exploring new revenue sources, including song catalog sales in a red-hot market. When necessary, they applied for government aid available under the CARES Act and subsequent legislation “a giganti