Paycheck Protection Program... (1 Viewer)

Joe OKC

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This is us... Awaiting a call from the banker now... discuss...

So far it seems kinda cut and dry... But what about a business that does nothing but own the Bar property itself.. If has no employees. It is just property Management that collects the rent and then pays the mortgage... Does it qualify under the paycheck protection program?
 

Consiglieri

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It appears to be amazingly simple to request millions of dollars in forgivable loans in a 2-page application.

The catch is that many banks will not want to volunteer to be the middle-man in these shenanigans.

To your question, I think the loan max is 2.5 x payroll, and 75% of the loan must be payroll. And payroll/utilities is the only part that is forgivable.

Affiliates all have to apply together, so this bar with no workers should apply with whoever employs the workers...
 

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