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ARTICLE · 27 MAY 2020

PPP Loan Proceeds: Forgive, Pay And Forget It, Or Not?

Ward and Smith, P.A
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Much has been written about the benefits of the PPP loan program. With the second round of funding, roughly $660 billion in PPP loans will be distributed to approved applicants.

United StatesCoronavirus (COVID-19)
William S. Durr
William S. Durr
James Norment
James Norment

Much has been written about the benefits of the PPP loan program.  With the second round of funding, roughly $660 billion in PPP loans will be distributed to approved applicants.  Approximately 3 million small businesses will receive a PPP loan. The funds provide a desperately needed injection of relief for US businesses struggling to pay their employees over an eight week period during the COVID-19 pandemic.

Well, that is what we want to believe, but our Norman Rockwell view of the PPP loan program is not reality. 

Instances of potential abuse of the program have been the recent focus of national media reports, the Secretary of the Treasury, and even the President.

On April 29, the Small Business Administration (SBA) issued guidance in response to this additional scrutiny.  The guidance states:

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