What is PSP in the CARES Act?

The original Payroll Support Program, which we refer to as PSP1, was established in March 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide support for passenger air carriers, cargo air carriers, and certain contractors.

What is PSP funding?

The bill provides payroll support program (“PSP”) funding for US passenger air carriers and aviation contractors, essentially creating a second round of PSP funding modeled on 2020’s CARES Act.

What is the CARES Act payroll support program?

One important component of the CARES Act was the Payroll Support Program (PSP1), which provided up to $32 billion in federal aid to maintain employment in the airline industry by providing funds to cover employee wages, salaries, and benefits.

What is PSP2?

PSP2 or PSP 2 may refer to: PlayStation Vita or PSP 2, a successor to the PlayStation Portable handheld game console. RBM14 or PSP2, a protein.

Is PSP taxable?

Part of the Payroll Support received is taxable and part of the Payroll Support received is not taxable. Payroll Support in excess of the fair market value of the warrants, options, or preferred stock, plus the issue prices of any debt securities or notes issued, is taxable to the Recipient under the Code.

How does payroll support program work?

The PSP Extension Law requires a passenger air carrier or contractor that received funds under the original Payroll Support Program (PSP1) and that also participates in PSP2 to recall certain involuntarily terminated or furloughed employees, compensate returning employees for lost pay and benefits (offset by any …

When did PSP release?

March 24, 2005
The PlayStation Portable (PSP) is a handheld game console developed and marketed by Sony Computer Entertainment. It was first released in Japan on December 12, 2004, in North America on March 24, 2005, and in PAL regions on September 1, 2005, and is the first handheld installment in the PlayStation line of consoles.

What is PSP in the Military?

Personnel Support Programs (PSP)

Which airlines received cares money?

Treasury Department officials announced late Tuesday that Alaska Airlines, American Airlines, Frontier Airlines, JetBlue Airways, Hawaiian Airlines, SkyWest Airlines and United Airlines will accept money from the $25 billion loan program created as part of the $2 trillion coronavirus relief package known as the Cares …

Is PSP a console?

The PlayStation Portable (PSP) is a handheld game console developed and marketed by Sony Computer Entertainment. It was first released in Japan on December 12, 2004, in North America on March 24, 2005, and in PAL regions on September 1, 2005, and is the first handheld installment in the PlayStation line of consoles.

What are taxpayer protection instruments?

A Taxpayer Protection Instrument is defined as the receipt by the government of warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by a company receiving Payroll Support to provide appropriate compensation to the Federal government for the …