Federal Officials released a statement on Paycheck Protection Program loan forgiveness amidst the call of business owners
Paycheck Protection Program Loan Forgiveness
Business owners across the country have been calling for Paycheck Protection Program loan forgiveness this 2023. They are also calling for another round of the program to continue the operation of their business.
In a published article in AUDACY, federal officials released a statement saying that small businesses will not be receiving Paycheck Protection Protection Loan forgiveness due to errors in applications.
Moreover, the Small Business administration said that a lot of small businesses received excess money and they need to pay it back. It was found that banks released the excess funds to more than 300,000 small businesses.
Business Advocate Released a Statement on Paycheck Protection Program Loan Forgiveness
Emily Wurth, director of operations at the American Business Immigration Coalition, said, “They were paperwork errors … they used 1099 employees instead of W-2 employees and counted that towards their total payroll.”
According to an article published in OMNY, federal officials also mentioned that there were small businesses that received an excess amount of $12,400 worth nearly $4 billion. This is the Paycheck Protection Protection Loan Forgiveness will not be granted.