Shake Shack returns $10 million PPP loan meant for coronavirus-hit small businesses

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“The ‘PPP’ came with no user manual and it was extremely confusing,” Shake Shack’s founder and CEO said in an open letter. Shake Shack, the fast-food burger chain worth over $1.6 billion, has decided to return the $10 million Paycheck Protection Program (PPP) loan that it was awarded after it applied for emergency funds that were aimed at helping small businesses through the economic effect of the COVID-19 pandemic. The PPP program originally set out $349 billion for small businesses, but all the funds ran dry last week . Read Full Story

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The Paycheck Protection Program ends today—and it’s got $130 billion left unused

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To date, the PPP has given out $520 billion in loans to businesses, many of which could have the loans completely forgiven. The Paycheck Protection Program (PPP) was one of the pillars of the stimulus program the U.S. government enacted earlier this year to help small businesses keep afloat during nationwide lockdowns. However, today is the last day for small businesses to apply for PPP loans, which may be entirely forgivable under certain circumstances. Read Full Story

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PPP rules are changing: What you need to know about the revamped Paycheck Protection Program

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The Biden administration just made it easier for very small businesses and self-employed workers to get more money in less time. The Biden administration has announced that the popular Paycheck Protection Program (PPP) will see some rule changes starting on Wednesday, February 24, reports CNN. These changes are an attempt to help make PPP loans fairer and easier to obtain for minority-owned and very small businesses. Read Full Story

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Paycheck Protection Program: Bank regulators want to talk about fraud identification

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One specific type of potential fraud mentioned by the OCC is “loan stacking,” or an applicant receiving PPP loans from multiple lenders. Federal bank regulators are holding a series of “ listening sessions ” to better understand some potential issues, including fraud, that might have arisen in connection with the Paycheck Protection Program—the loan program approved by Congress last month to help small businesses affected by the coronavirus pandemic. Read Full Story

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Paycheck Protection Program loan forgiveness and safe harbor deadline: Here’s the latest

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The PPP safe harbor deadline is today while the eight-week forgiveness period for some borrowers is approaching soon. Several weeks after the coronavirus pandemic decimated the U.S. economy, countless small businesses impacted by the crisis have yet to receive a shred of government relief. For others that secured federal loans through the Paycheck Protection Program, many are discovering the devil was in the details. Read Full Story

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