ts qualifications for businesses that took out a PPP loan

General

As stated previously, the Consolidated Appropriations Act previously expanded its qualifications for businesses that took out a PPP loan. A borrower may qualify for this tax credit under the following conditions: The business has a valid Social Security number (SSN), which includes those that have been changed since the beginning of the PPP program, and must have an active business operation on October 17, 2020. The business must have been in business for at least 12 months prior to the date the loan was taken out. For all loans taken out after apply for Employee Retention Credit September 17, 2019, and before February 26, 2020, the business may be an eligible small business even if the company is not otherwise classified as an eligible small business for purposes of the loan. For all loans taken out after February 26, 2020, the business must be a small business.

The following businesses are considered small businesses. Any business meeting this definition is eligible.

Banks, finance companies, credit unions, and mortgage lenders.

Any for-profit organization with total assets of less than $10 million, excluding certain qualifying assets.

Any charitable organization whose primary mission is to provide education, housing, healthcare, or social services.

Any nonprofit organization that provides goods or services primarily to elderly individuals.

Any nonprofit organization that provides care to the mentally ill or physically disabled.

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