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How Much Do Paycheck Protection Program Loans Help Small Businesses?
by Causes
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  • Allan
    Voted No
    08/08/2020
    ···

    As a small Business owner that got a PPP loan I can say it didn’t help me . In fact It cost me money and probably cost me my Business.. Since I operate my business out of my house and have five employees I wasn’t eligible for the 25% of the loan that went for rent or mortgage payments I did pay my 5 employees there 20 dollars hr for 8 weeks .. When I filed my second corner with the federal government and other agencies I found that I owed 7000 some dollars in payroll taxes and the like... the $7000 was not included in the loan. And I am expected to pay this out of my pocket! We did no work in quarter 2 and I had no income.... 0— none I-had to use what I had in the bank to pay my bills and I feed my family.. Now I owe $7000 for Keeping my employees off unemployment paid by the state. In my opinion the PPP loan didn’t do me any favors

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