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Government Is On The Hook To Forgive Hundreds Of Billions In PPP Loans, Has No Idea How They'll
• https://www.zerohedge.com by Tyler DurdenIt looks like that's exactly what the U.S. government is now gearing up for with regards to loans they made just weeks ago and are continuing to make.
The administration's Small Business Administration's Paycheck Protection Program launched its second round on Monday, which allowed lenders to issue forgivable government guaranteed loans to small businesses affected by the coronavirus outbreak. Or, maybe just to anyone that fills out an application. We don't really know - the oversight has been a bit shaky to say the least, thus far.
Regardless, the key element to the loan program (it's hilarious to even call them "loans") is the idea that the loans can be forgiven. After all, if given the choice to pay back your loan or have the government forgive it, which would you choose?
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1 Comments in Response to Government Is On The Hook To Forgive Hundreds Of Billions In PPP Loans, Has No Idea How They'll
You could always do #3. Prove to them (in court if necessary) how you prepaid your loan off with the valuable promissory (or other) note you signed. Once you prove this to them, they will attack you by destroying your credit rating. So, you might have to take the credit reporting agencies to court. But probably not, if you write to them and show them that you are serious.