All Is Not Forgiven: PPP Forgiveness And Credits - Government, Public Sector mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
On March 23, 2021, The House Small Business, Subcommittee on Contracting and Infrastructure held a remote hearing titled: “The Interaction Between the Paycheck Protection Program and Federal Acquisition Regulations: What It Means for Government Contractors.” The hearing focused specifically on the interplay between Paycheck Protection Program (PPP) loan forgiveness and Federal Acquisition Regulation (FAR) 31.201-5 “Credits,” and how that interplay impacts federal contractors that perform cost-type contracts. This meeting highlights an area where contractors have, at best, incomplete guidance. We will continue tracking these issues as new guidance is issued.
FAR 31.201-5 states that: “The applicable portion of any income, rebate, allowance, or other credit relating to any allowable cost and received by or accruing to the contractor shall be credited to the Government either as a cost reduction or by cash refund.” This provision applies to: (1) the pricin
Northfield Bank Furthering Commitment to Serve Its Customers and Communities
Announces Participation in the New Round of Paycheck Protection Program Funding and Dedication of Teams to Assist Small Businesses With 10 or Less Employees or Located in Low-to-Moderate Income Areas
WOODBRIDGE, N.J., Dec. 29, 2020 (GLOBE NEWSWIRE)
Northfield Bank, a wholly-owned subsidiary of Northfield Bancorp, Inc. (NASDAQ: NFBK), announced today that it will again participate in the Paycheck Protection Program (PPP) to provide a vital source of capital to its customers and communities. Northfield also announced that it has dedicated resources to assist small businesses with ten or less employees and businesses located in low-to-moderate income areas in applying for the next round of PPP funding.
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The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provided short term loans to companies with fewer than 500 employees and other companies (such as those in the Accommodation and Food Services Industry). Such loans may be eligible for full forgiveness if used for payroll and other business expenses and all other statutory requirements are met. Now, Congress has passed a second Stimulus Bill called the Coronavirus Response and Relief Supplemental Appropriations Act which is on President Trump’s desk for signature. The bill, among other things, creates a second loan from the PPP called a PPP Second Draw Loan for smaller and harder-hit businesses. Below is an overview of the terms of the PPP Second Draw Loan.
We Now Know What s In The Second Stimulus Package It s Not Enough | Personal Finance stltoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stltoday.com Daily Mail and Mail on Sunday newspapers.