If your PPP loan is fully forgiven, it essentially becomes a grant. If the loan is only partially forgiven, however, the unforgiven balance will be treated as a loan and must be paid back. PPP loan payments will be deferred for six months from the date of disbursement and there is no collateral or
PPP loans are not the same as Economic Injury Disaster Loans administered by the SBA, better known as SBA disaster loans. For one, no personal or business collateral is required for PPP loans, while an SBA disaster loan may require collateral for loan amounts over $25,000. Second, only certain specified expenses are considered authorized
PPP loan fraud is any attempt to defraud the Paycheck Protection Program. There are three main ways to commit PPP loan fraud: By misrepresenting information on your loan application in order to fraudulently obtain PPP funds, By misusing PPP loan funds (i.e. using the funds for unauthorized purposes), or By fraudulently requesting forgiveness of
With billions of dollars at stake in the Paycheck Protection Program, the Department of Justice has vowed to aggressively investigate and prosecute cases of PPP loan fraud. If you believe you may be the target of a PPP fraud investigation, you could end up facing charges for federal bank fraud, wire fraud, identity theft,