The US government’s PPP is a sham. It has loopholes allowing large hospitality chains to claim individual locations at separate small businesses and reap millions in loans. It’s just a huge bailout for them masquerading as help for small business.
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In order for PPP loans to be forgiven by gov, at least 75% must be used for payroll. The remaining amount can only be used for rent/mortgage/utilities. The point of PPP is to keep people on payroll, so they keep getting a paycheck. 1/
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Replying to @JimSycurity
Non-forgiven money is assessed at a whopping 1% interest rate. And the hospitality industry is already lobbying to be able to use the money for things other than payroll and still be forgiven.

Apr 20, 2020 · 1:03 PM UTC