Jul 02, 2020 With regard to the Paycheck Protection Program, Fannie Mae includes the following FAQs, and Freddie Mac has similar FAQs: If loan proceeds from a PPP are reflected in the business depository accounts, can these funds be used to support the business revenue reported on the year-to-date profit and loss statement? Download PPP Agency PC for free at BrowserCam. Acid Remap LLC published the PPP Agency App for Android operating system mobile devices, but it is possible to download and install PPP Agency for PC or Computer with operating systems such as Windows 7, 8, 8.1, 10 and Mac. PPP Report for Mac. PPP Report for Mac. $8 Patrice Goetghebeur Mac OS X 10.2/10.3 Version 0.2 Full Specs. Download Now Secure Download. Publisher's Description. From Patrice Goetghebeur.
Editor’s note: Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly. Please refer to the latest guidance fromSBA andTreasury to confirm current program rules and how they apply to your particular situation.
The Paycheck Protection Program
The Paycheck Protection Program (PPP) is part of the larger government stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Paycheck Protection Program loans are meant to minimize the number of unemployed persons by helping small business owners make payroll. PPP loans are designed to help small business owners stay in business during this time of economic uncertainty.
The hope is that if businesses can keep employees on the payroll now, they’ll be in a better position to recover fully. And as a result, fewer people will be jobless and in need of additional federal aid. And if they meet certain criteria, borrowers can request loan forgiveness.
How to help qualify for Paycheck Protection Program loan forgiveness
To improve your chances of having your PPP loan forgiven, you’ll need to meet some requirements.
1. Keep your workers on the payroll
You should have the same number of employees on the payroll as you did between February 15, 2019 and June 30, 2019. If your business wasn’t open then, maintain the number of employees you had between January 1 and February 15, 2020. If you’ve had to lay some employees off, that’s OK. You’ll just need to hire them back either before the date you submit your application for loan forgiveness or before December 31, 2020.
2. Maintain employee salaries and wages
Keep employees’ salaries and wages as they are. Loans cover annual payroll costs, up to $100,000 per worker. Reducing employee pay by 25% or more reduces your chances of having your loan forgiven. If you’ve already reduced salaries and wages, restore each worker’s normal salary and wages either before the date you submit your application for loan forgiveness or before December 31, 2020.
3. Record all payroll costs and how you’ve spent your loan
Keep an accurate record of employee payroll costs and how you’re spending your loan. Stay organized and track spending on things like employee benefits and healthcare premiums. You’ll need to prove how you’ve spent the loan if you want to request forgiveness.
Additional qualifying expenses under the Paycheck Protection Program
Paycheck Protection Program loans are intended primarily for payroll costs. So when it comes to whether a loan is forgivable, no more than 40% of the forgiven amount may be for eligible non-payroll costs. But borrowers can still spend funds on other forgivable expenses.
Additional forgivable expenses include:
- Employee expenses related to payroll
- Vacation, parental, family, medical, or sick pay
- Allowance for dismissal or separation
- Health insurance premiums and group healthcare benefits
- Retirement benefits
- State or local taxes related to employee compensation
- Cash tips or equivalent for tipped workers
- Business utilities (electricity, gas, and water)
- Communication (phone or internet access)
- Rent or mortgage provided the lease or owner agreement was signed before February 15, 2020
Loan forgiveness for self-employed
Borrowers who are self-employed may be eligible for loan forgiveness, as well. Determining loan forgiveness will be based on the borrower’s eligible paid expenses. However, many self-employed people often have lower overhead costs. Additionally, payroll expenses for single-member businesses are often the equivalent of their business’ profits. As a result, the SBA has released an Interim Final Rule on April 20, 2020, that further outlines self-employed borrower’s eligibility for PPP loans and loan forgiveness.
For Schedule C tax filers (sole proprietors or single-member LLCs) the loan amount forgiven may be limited to the total of net profits earned during the same or a similar eight-week period in 2019. Additionally, 60% of the loan amount must be used for qualifying payroll expenses to be eligible for loan forgiveness.
When will I find out about my loan forgiveness?
Once loan funds have been exhausted, borrowers can submit the necessary paperwork to their lender to determine if they are eligible for loan forgiveness. Lenders may take a minimum of 60 days to determine if a borrower is eligible for forgiveness. The SBA is expected to release more information on loan forgiveness in the coming months.
What if I’m not approved for loan forgiveness?
Some businesses may not be eligible for complete or partial loan forgiveness due to how they used their loan funds. In those cases, businesses that are not eligible for loan forgiveness will be directed by the SBA to repay the unforgiven amount of their loan to their lender. Payments will not have to be made until after six months have passed since disbursement of the loan. Loan payments may be deferred for up to one year.
Even if you aren’t able to get your loan forgiven, it may help to know that loan terms are generous. And if your non-payroll costs exceed your payroll costs, the Small Business Administration has other loan programs that may provide relief.
Ppp For Back Pay
The resources described above are made available to businesses within the United States of America.
Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly, and the information contained herein may be outdated. Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your particular situation.
Given the large demand for additional authorized Paycheck Protection Program funds, not every qualified Paycheck Protection Program applicant will receive a loan.
This content is for information purposes only and information provided should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does it have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. cannot warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers should verify statements before relying on them.
We provide third party links as a convenience and for informational purposes only. Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. Intuit accepts no responsibility for the accuracy, legality or content on these sites.
Download PPP Agency PC for free at BrowserCam. Acid Remap LLC published the PPP Agency App for Android operating system mobile devices, but it is possible to download and install PPP Agency for PC or Computer with operating systems such as Windows 7, 8, 8.1, 10 and Mac.
Let's find out the prerequisites to install PPP Agency on Windows PC or MAC computer without much delay.
Select an Android emulator: There are many free and paid Android emulators available for PC and MAC, few of the popular ones are Bluestacks, Andy OS, Nox, MeMu and there are more you can find from Google.
Compatibility: Before downloading them take a look at the minimum system requirements to install the emulator on your PC.
For example, BlueStacks requires OS: Windows 10, Windows 8.1, Windows 8, Windows 7, Windows Vista SP2, Windows XP SP3 (32-bit only), Mac OS Sierra(10.12), High Sierra (10.13) and Mojave(10.14), 2-4GB of RAM, 4GB of disk space for storing Android apps/games, updated graphics drivers.
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Finally, download and install the emulator which will work well with your PC's hardware/software.
How to Download and Install PPP Agency for PC or MAC:
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- Open the emulator software from the start menu or desktop shortcut in your PC.
- Associate or set up your Google account with the emulator.
- You can either install the App from Google PlayStore inside the emulator or download PPP Agency APK file from the below link from our site and open the APK file with the emulator or drag the file into the emulator window to install PPP Agency App for pc.
You can follow above instructions to install PPP Agency for pc with any of the Android emulators out there.