Biden overstepped his authority and SC stopped loan forgiveness

[CKwi88]

(06-30-2023, 11:06 PM)Luvnit2 Wrote: Please educate me, I was in business still in 2020 and 2021.  I never heard of anything getting $150,000 with no documentation. Most people I know hired accountants to provide the information to the government or their payroll company. The paperwork for PPP forgiveness loans was cumbersome and proof of all payroll for the quarter had to be provided upfront to be qualified.

Sure, bolded mine. 

Quote:Literally a 0.58 second google search:

How to apply for PPP loan forgiveness

If your loan was for $150,000 or less
The vast majority of borrowers (around 92%) fall under this category. Those business owners can apply for PPP loan forgiveness one of two ways.

1. Through your lender. Your PPP lender will typically contact you with instructions on how to apply when your covered period ends (eight to 24 weeks after you received your funds). Some will even pre-fill your application with the necessary information, making forgiveness a breeze.
2. Through the SBA. If your PPP lender is one of the more than 1,400 participating in the SBA’s direct forgiveness program you can apply using the SBA’s PPP Direct Forgiveness Portal. (See a list of participating lenders here.)
   

However you apply, you’ll answer the same set of questions as those on those on SBA Form 3508S. You do not need to detail how the funds were spent and, if it's your first PPP loan, you don’t need to submit any receipts, payroll records or additional documentation. For second-draw loans, borrowers need to show the required revenue loss before their loan can be forgiven.