A lending program called the Paycheck Protection Program (PPP) was created to help small businesses that have been negatively impacted by the COVID-19 outbreak financially. It is meant to assist these companies in keeping their staff on the payroll and paying their operating costs during these difficult times. It is crucial to understand whether Social Security benefits are covered under PPP, nevertheless.
The good news is that the PPP does not count Social Security payouts as payroll expenses. As a result, these advantages are not taken into account when determining how much money a small business can borrow. As a result, small business owners who receive Social Security benefits can apply for a PPP loan without having to worry about their payments being impacted.
On the other hand, if you are a person who receives Social Security payments and you are considering purchasing a home, you might be concerned about how this will effect your benefits. No, is the response. Benefits from Social Security are not considered income for the purpose of purchasing a home. As a result, if you decide to buy a property, your benefits won’t be impacted.
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