Ann: Paycheck Protection Program loan received for US operations, page-58

The CARES Act Paycheck Protection Program: What You Need to Know
https://www.wordstream.com/blog/ws/2020/04/01/cares-act-paycheck-protection-program

What is the Paycheck Protection Program?

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Any loan funds used for these express purposes during the loan’s eight-week period will be eligible to be forgiven:

in other words,

if a small business uses the loan as it’s intended,

they will likely not have to pay back a penny.........

Last updated: April 24, 2020

COVID-19

On Friday, March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became US law. The largest stimulus bill in American history, the CARES act put into motion a momentous effort to provide financial relief for millions of Americans who have been economically impacted by the coronavirus pandemic—in particular, the 3.3 million Americans who’ve filed for unemployment since March 14, and the small businesses who employ so many of them
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Though the CARES Act is packed with provisions for small businesses (including emergency government grants and existing loan payment coverage), the $350 billion Paycheck Protection Program (PPP) might be the most promising portion of the legislation.

With its low interest rate and forgiveness potential, the Paycheck Protection Program aims to sustain small businesses through this pandemic without burdening them with significant debt to pay off when the crisis has passed—and, in the process, its goal is to keep people in their jobs and stem the tide of unemployment nationwide
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The rollout of the program hit many bumps along the way, and the original funding allotment rapidly ran dry. Now, Congress has passed another $310 billion round of funding late on Thursday, April 24 (TechCrunch). We don’t yet know when the Small Business Association will reopen applications. But given how quickly the original funding dried up, if you want to access this resource to support your business, you will be ready to apply as soon as the loan application itself opens
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Let’s dive into what information we have right now so that you can be ready to get the ball rolling for your business if and when the time comes.

Please note: We are not legal experts. If you have specific questions about your business or loan application, please speak with your attorney and/or bank for clarification.

What is the Paycheck Protection Program?

The Paycheck Protection Program isa Small Business Association (SBA) loan program specifically designed tohelp small businesses continue to make payroll at their staff’s current pay rate, as well as cover key expenses that keep the lights on (think rent and utilities). Any loan funds used for these express purposes during the loan’s eight-week period will be eligible to be forgiven: in other words, if a small business uses the loan as it’s intended, they will likely not have to pay back a penny.........