Where is PPP Loan Forgiveness?
Last week, Paycheck Protection Program (PPP) fraud cases continued to come to light while small businesses across all industries faced permanent closures with no new relief bill in sight. Meanwhile, after businesses expressed complaints regarding the Small Business Administration’s lack of guidance regarding loan forgiveness, “the government expects to approve and pay forgiveness requests by late this week or early next.”
PPP AID DRYING UP AS SOME INDUSTRIES CLOSE FOR GOOD
The Hill | Households, businesses fall into financial holes as COVID aid dries up
Accountable.US | Trump’s PPP Left Native American Women Behind
“Trump’s flawed Paycheck Protection Program (PPP) overwhelmingly left American Indian and Alaska Native women behind. Of the 86,106 PPP loans for which the administration released both gender and race and ethnicity data, just 114 businesses owned by American Indian or Alaska Native women were given assistance through the PPP.”
MarketWatch | Opinion: Temporary layoffs are becoming permanent job losses
USA Today | Travel industry layoffs begin as Congress fails to come up with new relief package
PPP FRAUD ROUNDUP
The Hill | Defense contractor charged for allegedly stealing more than $12.8M in PPP funds
“Martin Kao, CEO of Martin Defense Group LLC, previously known as Navatek LLC, is being arrested on two counts of bank fraud and five counts of money laundering. He is accused of at least two fraudulent PPP loan applications.”
Tampa Bay Times | Clearwater doctors got a PPP loan, then dissolved practice — but only on paper
“Prosecutors say Pan used business names like White Walker, Khaleesi and The Night’s Watch to receive PPP loans using false tax filings and false statements regarding employees and payroll expenses.”
Maine Beacon: Collins mega-donor arrested for defrauding PPP, bragged about connection to senator
PPP FORGIVENESS FINALLY ON THE DOCKET FOLLOWING BORROWERS COMPLAINTS
Wall Street Journal | U.S. to Start Forgiving PPP Loans After Borrowers Complained
“Business advocates, banks and lawmakers have raised concerns that the process of turning the loans into grants is too complex and slow under the $670 billion federal program, designed to help small businesses respond to the economic fallout of the pandemic with forgivable government-backed loans distributed through banks.”
Politico | No forgiveness: Small businesses still on hook for rescue loans
PYMNTS.com | Report: Not One PPP Loan Has Been Forgiven
Law360 | Bank Groups Call For More PPP Lending, Simpler Forgiveness