MEMPHIS, Tenn. (WMC) – vast amounts in taxpayer-funded loans which were designed to assist small enterprises remain afloat throughout the COVID-19 pandemic have actually been distributed to lots of churches, personal schools, and charter schools throughout the Mid-South.
The loans had been area of the Paycheck Protection Program (PPP), that has been made up of the passing of the CARES Act.
Congress passed the CARES Act in belated March as companies from coastline to coastline had been bought to power down due to the COVID-19 pandemic.
The PPP ended up being made to be considered a lifeline for small enterprises through the pandemic by providing loans to hide to eight days of payroll costs.
The amount of money can additionally be utilized to spend lease and utilities.
The loans could be forgiven if they’re applied to qualified costs and also to retain workers. Continue reading