Everything PPP Borrowers Need To Know About Why The SBA’s 75% Rule Is Wrong
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Why does the SBA require that a Paycheck Protection Program (“PPP”) borrower use 75% of the PPP proceeds on “payroll costs”? It’s a curious question. It’s particularly curious given that the CARES Act itself does not require this. In fact, the CARES Act actually says that a borrower can spend the loan proceeds on other costs—and even mandates forgiveness for those expenditures if they…
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