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Do companies get to add re re re payments meant to independent contractors in payroll expenses?

Do companies get to add re re re payments meant to independent contractors in payroll expenses?

Dear Treasury Secretary Mnuchin,

The 2009 Friday, the government that is federal away its Paycheck Protection Program (PPP), that was created by the recently enacted CARES behave as a method to get $350 billion in to the fingers of small businesses. While you well know, the inspiration behind the PPP would be to enable those companies slowed or stopped by COVID 19 to carry on spending their staff for the following couple of months by permitting banking institutions to become listed on forces with all the small company Association (SBA) and then make straight forward loans to those in need of assistance.

Needless to say, the part that is best for the PPP is quantities lent could well grow to be that loan in name just. A borrower spends in the first eight weeks on payroll costs, mortgage payments, rent and insurance can be completely forgiven tax free, in fact after all, the amount of proceeds! Provided the borrower does fire employees or n’t slash payroll.

Treasury Secretary Steven Mnuchin talking about the Paycheck Protection Program during the White home on . [+] 2, with President Donald Trump, Vice President Mike Pence and Small Business Administrator Jovita Carranza looking on april. Free money is difficult to avoid, and thus week that is last organizations had been clamoring for Friday to reach so that they could grab their bit of the cake.

Needlessly to say by having a roll using this magnitude, nonetheless, there have been some procedural problems. A number of the big banking institutions were’t prepared to start processing applications, and of the that have been, a few wouldn’t give consideration to a job candidate that didn’t have a preexisting relationship because of the bank, threatening to go out of some business that is desperate call at the cold.