Posts Tagged ‘CARESACT’
Cares Act Education Benefits
If an educational fringe benefit would help you attract or retain employees, then you will be interested in a little-known section of the CARES Act. It allows an employer to pay and deduct up to $5,250 of an employee’s higher education student loan debt – both principal and interest, if paid by December 31, 2020. The benefit is not taxable to the employee.Read More
Top 10 PPP Loan Forgiveness questions, ANSWERED!
The SBA’s PPP was created to save America’s core economic engine and largest employer, small business. PPP loans are providing immediate cash to incentivize small businesses to keep and rehire their employees. If small business qualification criteria are met, the PPP loan amount is based upon 2.5 months of payroll. Loans are able to be 100% forgiven if the borrower follows SBA guidelines. Initial guidelines stated loans received needed to be spent on payroll and other qualifying expenses during the 24 week period after the loan was received. Payment on any remaining balance post loan forgiveness begins from the date the lender receives forgiveness funds from the government. Ask your lender for details The Interest rate on unforgiven amounts is a whopping low 1% with five-year payment terms, and no collateral or personal guarantees are required.Read More