Your forgivable loan may be undercut by this provision of the Paycheck Protection Program

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The Small Business Administration program may not forgive as much of the loans as business owners think. At least 75% of the loan must go toward payroll costs to be fully converted into a grant.

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The program, one of the core components of theknown as the CARES Act, doles out up to $10 million to each qualifying business.

. Only funds used for payroll costs, rent, utilities and mortgage interest over an eight-week period can be forgiven. Those hoping to have their entire loan forgiven — by being turned into a grant — must use at least 75% of the funds for payroll costs.

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The rich will benefit since they have no restrictions in their BAILOUTS.

So if I have a branding company and get a government loan, using the money to pay payroll I can get 75% forgiven in the form of a grant and it doesn't matter if the employee is my brother. Eric your getting a check this month!

At 0.5% it is hardly a threat

Just a few accounting changes can make that happen.....

Unfortunately, that $10,000 disaster grant they’re talking about in the article has also been reduced to only $1,000 per worker in a business, up to $10,000 max if you have 10 employees or more. So a $10,000 lifeline became $1,000 for a sole proprietor with no employees. Yay.

I dont understand why they gave all that money for unemployment, and then make the business side of things mostly payroll related. Things like rent and other operating costs are whats killing businesses.

Stephan97841927 to all small businesses: there are provisions in the bailout (and that's exactly what it is.) that you better read up on. you're not going to like many.

Still like free money even with interest

It literally says that on the application.

Loan forgiveness is only for billionaires and mega corporations.

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