Quote:
Originally Posted by ASAP
Both... PPP loans were forgiven AS long as 60% of spend went toward payroll... so as long as no one was laid off and you kept employees on the roster you got $... except here is the deal - you didn't have to show any financial hardship... so even if your business broke records during Covid, you got free money and you are correct, it was designed exactly that way... the rest is an extra paycheck to the owner... and people are shocked by inflation lol.
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The PPP program was not designed to require demonstrated financial hardship. Again, from Day 1 it was designed as a grant as long as criteria were met and a loan if they were not met. They called them “forgivable loans” and almost every company that applied for these did so with the expectation it would be a grant. They were not loans that were forgiven in a surprise move.
As I said, the wisdom of PPP is fair to debate. But student loans have always been designed to be repaid. That is not debatable and trying to justify forgiving loans after the fact by citing programs designed as grants or bailouts from the start is just a bad argument.