If only my frustration could be shown through visual means, I guess in todays world, this post would look something like this:
OMG, I CAN’T BELIEVE THIS IS HAPPENING.
I wont write the whole post like that, just know that I would be typing in all caps, bold and very large type…
So, as you know, we did not apply for PPP because we would be unable to spend the money in the correct split to qualify for the loan to be made into a grant and we wouldn’t have to pay it back. We could have taken the money, kept our employees on the payroll (and had them do nothing while we were closed) and then let them go after the 8 weeks was up when business was still not back to a normal ‘pre-covid’ state.
We followed the rules, made the correct decisions to not waste money or put our business into unneeded debt.
So, after 8 weeks comes to a close for the initial businesses that took PPP and now the government decides to go ahead and change the contract for the split that you need to qualify for PPP to be a grant. Are you kidding me?? We all knew that how it was written was awful and would not help small business like they thought it would.
If you are a business that took the money but didn’t spend it correctly and would have to pay it back, now you get a pass and you only have to spend 60% on payroll and you have 40% to spend on other expenses.