Quote:
Originally Posted by wdmso
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used
for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either
the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all
loan proceeds for which the borrower is requesting forgiveness. Borrowers can apply for forgiveness
any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10
months after the last day of the covered period, then PPP loan payments are no longer deferred and
borrowers will begin making loan payments to their PPP lender.
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You're proving my point.
When businesses took PPP funds, they were not set up as loans. The business owner agreed to spend the money on payroll and agreed to hire the employees back. If they did that, the feds agreed to waive repayment. So both parties did what they agreed to do.
That's not even close to what's happening here. These borrowers signed a contract to repay the loan. That was the agreement. They're changing the terms after the fact.
Apples and oranges.
And I don't like business socialism, I didn't like the covid bailouts or PPP. But another big difference, is that business owners didn't choose to lose their business income. That was forced upon them (unnecessarily as it turns out) by state governments. Business owners did not choose to be shut down, it was forced on them.
Your daughter chose to take out a loan. No one forced her.
My wife got a masters degree in data analytics, we looked at student loans, decided to take put a home equity loan instead. Took 3 years to pay it off, made the last payment a few weeks ago. I guess we were suckers for doing what we said we'd do.