im not.
PPP is to be paid back in x amount of time if you don’t apply for the waiver.
EIDL has a grant and a loan. The loan is supposed to be paid back over the course of years. The grant is given.
the key thing is they all should be used on business operations and personnel.
PPP
EIDL loan
EIDL grant
also I read something to the sort of if someone gets over 20K or 25K they can end up giving up having to forfeit assets if they default.
You added extra details after you went and googled it. Technically you're correct. Lol
However the PPP is meant to be forgiven. No one is applying for the PPP to pay it back. If that was the case the could apply for a regular SBA loan. The government doesn't want the money back. They want it to be used to maintain the work force.
So to just say "it needs to be paid in X amount of time" isn't a true representation of what the loan/grant is meant to be.
And under a certain amount the loan is automatically forgiven when you apply. Over a certain amount collateral is required. But no one is going to lose assets because anyone putting up collateral will be an actual legit business...and again, the loan when used correctly is 100% forgivable.
No one is paying that money back except scammers which will easily be identified with the examination of 2019 & 2020 tax returns.
As far as the EIDL...for now it is meant to be paid back. I think that will change. The grants were first give out as $1000 per employee. Now the SBA is giving out the additional $10,000 to businesses that got partial grants if you meet certain criteria. On top of that there is an additional $5000 that will be given out to those same people who received a grant. The SBA is supposed to released thode details this week.
You don’t know more about this than me. I can assure you.
tax paying programs and where the funds are being spent is everybody's business.
