Why does my unemployment say double dip?
Why does my unemployment say double dip?
Section 3304(a)(7), FUTA, requires that “an individual who has received compensation during his benefit year is required to have had work since the beginning of such year in order to qualify for compensation in his next benefit year.” This provision, often referred to as the “double-dip” provision, prohibits an …
Will PPP be forgiven?
Simple forgiveness for PPP loans under $150,000 Revisions to PPP in the December 2020 coronavirus relief bill require that any business that had a loan worth less than $150,000 can fill out a simplified one-page application. The modified application will likely be available soon from the SBA.
How do I get my self employed PPP forgiven?
Self-employed individuals can use a simplified forgiveness application called Form 3508S. This form applies to you if your loan amount is $150,000 or less. If your loan was for more than $150,000, you can use Form 3508EZ so long as you did not reduce your FTE headcount or salaries and wages by more than 25%.
Will PPP loans under $50 000 be automatically forgiven?
For some small business owners who took out a loan under the Paycheck Protection Program (PPP), good news has finally arrived. While there may be more updates from the government in the future, the path to PPP forgiveness is now clear for businesses that borrowed $50,000 or less.
What if I borrowed too much PPP?
What is the effect of an excess loan amount error on a borrower’s obligations? If the lender or SBA, as applicable, determines a borrower was ineligible for any portion of its loan amount, forgiveness will be denied for the ineligible portion and the borrower must begin making payments on the remaining loan amount.
How long does the SBA have to approve PPP forgiveness?
90 days
Why is PPP forgiveness taking so long?
Why is my loan forgiveness application taking so long, even beyond 90 days? The SBA has resource constraints and loan forgiveness applications were/are held in a queue. SBA reviewers have had to climb a learning curve. They have never had to deal with anything quite like the PPP before.
Has anyone gotten their PPP loan forgiven?
WASHINGTON – The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended.
How many rounds of PPP will there be?
three rounds
