The Paycheck Protection Program (PPP) is one way the Small Business Administration (SBA) is helping small employers keep payroll flowing during the novel coronavirus (COVID-19) crisis. The PPP lends businesses the funds to cover payroll, some employee benefit costs, and certain other expenses. Another SBA option is to apply for “employee retention credits,” but only for businesses that don’t also have an outstanding PPP loan. A safe harbor existed, that allowed a PPP borrower to repay the loan by May 14 and be deemed eligible for tax credits. The SBA has now extended the repayment date to May 18, allowing more employers to qualify for these credits. Here’s more: https://bit.ly/2z0Vr47
