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SC information letter #20-28
South Carolina Department of Revenue
South Carolina Department of Revenue
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Abstract
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the COVID-19 pandemic. As part of the relief provided, the Paycheck Protection Program (PPP) was established to provide loans to small businesses for the purpose of paying payroll costs (e.g., wages and benefits) and occupancy costs (e.g., mortgage interest, rent, and utilities) to keep the businesses operating and employees on the payroll. The loan can be forgiven, in whole or part, if the business meets or exceeds certain thresholds related to payroll and occupancy costs. Any portion of the PPP loan that is not forgiven must be repaid over two years at 1% interest.
Issue Date
11/2/2020
Keywords
South Carolina Department of Revenue--Periodicals, Government lending--Taxation--South Carolina, United States. Coronavirus Aid, Relief, and Economic Security Act
Type
Text
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Records, documents, and information made available by the agencies of the South Carolina state government or its subdivisions are made accessible through the South Carolina State Library Depository and are protected under U.S. Copyright law (Title 17, U.S.C.) and South Carolina state law (Title 30 and 60, S.C.C.L.). Distribution rights are determined by the agency or author and users should contact the aforementioned for more information.
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