121,000+ businesses in Michigan "borrowed" under PPP

[Lowell]

In times of chaos government money gets flung all over the place with little to no oversight. So it is with the PPP [Paycheck Protection Program] where small companies [121K+ in Michigan] are "loaned" up to $10 million dollars.

I have put "loaned" in quotes because if the companies meet criteria those loans become grants. To check on companies you know I have attached a spreadsheet showing Michigan companies that have received $150K+ of "loans" at the bottom of this post.

The idea is that if the companies keep their employees working they get to pocket the "loan". And what if their business was just fine and they would have kept their employees anyway? There seems to be no check on that=free money. Even if they are don't keep their employees working they still get an overly generous uncollateralized loans at 1% with up to 5 years maturity.

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities [[due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).

• PPP loans have an interest rate of 1%.
• Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
• Loan payments will be deferred for six months.
• No collateral or personal guarantees are required.
• Neither the government nor lenders will charge small businesses any fees.
• https://www.sba.gov/funding-programs...ection-program