These business owners couldn't get a forgivable loan at first. Then it was easy.

offered through the Paycheck Protection Program, created by the coronavirus relief law enacted in March.

She was stymied by weeks of delays and ill communication on the part of her accountant and the third-party loan preparation firm he had used — only to find out her application hadn't even been submitted to a bank for processing by the time the money ran out.Riley handled the application process herself in the second round and secured $140,000 within a day of applying at Watermark Bank, a local lender.

Judy Gatena, the CEO of REP Digital, based in Nashville, Tennessee, secured a Paycheck Protection Program loan in the second funding round. Pictured: Gatena , REP Digital employees and clients from Raymond Corp.For business owners who've secured funding, the PPP has proven to be a financial lifeline to combat the economic contagion spreading across the country during the coronavirus pandemic.

The Covid-19 health crisis has pushed states nationwide to shutter non-essential businesses and has reduced foot traffic to others amid stay-at-home orders. The program offers up to $10 million in low-interest loans to businesses with 500 or fewer employees. The loans may be forgivenYou can't imagine what the last six weeks have been like. You go from thinking, 'I have a future' to 'I don't have a future' to 'I have a future.'"In a sign of just how urgent business owners' needs are, the program's initial funding ran out within two weeks.

No it is't. Rejected once at the first round for ppp and twice in the second round. But tesla secured $580mil to open his factory in China. Shut the hell up.

True! TrumpBucks

Nothing is forgiven! The federal government is blowing up the debt and increasing tax and cost burden on all of us tax payers for this!

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I got my check. Was not much but I put it to good use.

The dollar will head to crisis if the coronaferociousness lasts until yearend, which is possible.

I hope all true small business owners get it. Not the huge, mega-rich corporations. The mom and pop stores, the individual locksmiths, plumbers, clothiers, animal shelters/caretakers, etc. These are the people who hold our communities together.

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IRS Denies Tax Deductions For Wages, Rent Paid With Forgivable PPP LoansThe Paycheck Protection Program offers an alluring loan of up to $10M tax free, and if you comply, you don’t even have to pay it back. But forget trying to write off the wages and rent you pay with the free money. The IRS says that would be a double dip. Makes sense. There are thousands and thousands of us SSDI/SSA folks who entered our kids info before April 22nd and still didn't get the 500 per kid part of the Stimulus lol how d'you try to get a hand out for a hand out.
Source: Forbes - 🏆 394. / 53 Read more »