I was wondering when this carp would start happening, with these PPP loans.
Hopefully, this lady...with the help of the investigative reporter/reporting....will stop this nonsense, stat.
If she really did give the money to her workers, they really should forgive the loan even if they were independent contractors. However, that creates another problem if the recipients of the money were also not reporting the income or taking unemployment money on top of the backdoor payments.
In reality this borrower needs to file 1099 reports on payments to contractors. Could raise a red flag for the workers if anyone is looking.
As for the terms of the loan, IIRC it is 1% interest payable over 5 years for whatever portion is unforgiven. So asking for $36,000 back in lump sum does seem a bit unfair. Worst case, $600 a month to pay it back. Hard for many to budget that right now, but not impossible in time.
I was wondering when this carp would start happening, with these PPP loans."
Agree. It all sounds fishy to me too.
Hopefully this woman will pay the taxpayers back what she owes us.