We get it.
They wanted to get money into the hands of small businesses fast.
But, for some reason, once again, Congress “believed” the hedge fund class would play fair, and come to an epiphany that helping small businesses and nonprofits survive is better for America than finding a loophole to line their pockets.
Shocking, that has not been the case.
Nothing in the PPP loan forgiveness package, that was just raided by law firms and hedge funds and other businesses that have not seen a major disruption in revenue streams prevents them from this blatant money grab.
Congress need to amend the loan forgiveness qualifications. Businesses need to show a significant loss in earned revenue year over year to qualify for forgiveness.
It’s simple.
Maybe those same businesses will still be happy to have low interest loans...but I doubt it.
I bet, there will be a lot higher repayment level when the money is not “free”.
Write to your congresspeople, please and suggest this change.
Full Disclosure:
I am the managing director of a nonprofit theatre and arts education organization that has been operating for almost 50 years. We have lost all revenue. I got my application in to by smaller bank immediately by writing to someone we had gotten an line of credit from before, because they never understood the rules clearly enough to even make it easy for their clients to apply. WE all know the intentions of these loans were to help organizations like mine, and independent small businesses weather this crisis.
I have laid myself off. I am determined that eventually, the show will go on.
We can make it through this, but we need to help the greedy haves do the right thing.
Thank you.
