Many unforgiven PPP financing fall into you to-person companies

Fewer than 10% of all Salary Protection System funds are nevertheless unforgiven, and the majority of those people fall into you to definitely-individual businesses – companies the application very meant to assist.

We have been talking this week about the Salary Security Program, which effectively paid people to save workers with the payroll throughout the newest pandemic. That cash came in the type of fund, and most of those financing have been forgiven a great deal more than 90%. That is in spite of the program becoming slammed to own giving money so you’re able to undeserving readers, even outright scammers.

Usually are not would be the small group off borrowers that have unforgiven PPP money? Austin Timely and i also have been revealing with this to possess NPR’s review team, and what we discovered may shock your.

PFEIFFER: Whenever i went along to Candy Crawford during the their family for the Truro, Mass., into the Cape Cod. She gave me a tour away from her vehicle, and this she jokingly phone calls this lady purse to your tires.

Candy CRAWFORD: Because it’s had everything and something inside. Easily you prefer an observed, You will find a watched, and then merely any dirt via gardens, if it is handbags out of manure upwards in the front. I am talking about, its a great hodgepodge.

PFEIFFER: Crawford possess a small land business called Helpful Sweets. Whenever COVID shutdowns began, she had a good PPP mortgage of about a lot of cash – very little, nevertheless tided the girl over up until she are allowed to start working external again.