The good news? Through income shelter plan (“PPP”), the federal government recommended around $525 billion in financing to around 5.2 million small enterprises between April and early August 2020.
Over 5400 loan providers processed these financial loans. When I discussed on a podcast with ACFCS in April, the PPP falls under the Coronavirus help, reduction, and business Security (CARES) work and was designed to simply help smaller businesses survive the commercial downturn triggered by Covid-19. The program’s entire aim were to see quick funds to smaller businesses – suggested mainly for preserving organization staff on payroll, using remainder designed to run towards rent, mortgage loans, and utilities. If funds were used as laid out for the PPP policies – a company could then apply at possess loan completely forgiven – rendering it a “grant” rather than that loan.
Since the program quit recognizing solutions by August 8, 2020, deeper recommendations of those financial loans’ rapid processing are being examined for very early scam evidences.
The not so great news? Very early indications are many financing were deceptive.
Definitely, the headline-grabbing reports posses placed a limelight on the deluxe autos speculated to happen bought with PPP funds: