re: Trump press conference live 6/5/20

quote:

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I'm also wondering how extending the PPP to 24 weeks is actually going to help small businesses

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What they didn't foresee with small businesses was simple. Give them 10 weeks of payroll money to spend in 8 weeks, based off the previous 12 months of payroll.

So, one of the most robust economies in history's payroll was bound to be high for most small business, if that makes sense.

Problem was two-fold:

-you task these small businesses to use this money during a MAJOR downswing in business (if they had business at all) or have to pay the money back over 1.5 years.

-you had to start spending the money on payroll IMMEDIATELY upon receiving it.


this was short sighted and impossible for vast amount of small businesses.

So, now, if you got the money a month ago and still have some left, instead of paying it back when your 8 week window closes, you can keep spending it on payroll/rent etc.

This was a massive deal to all of us. The next push is going to be to simplify the request for forgiveness on the loan, and exemption from IRS bullshite taxes on it.