What companies took PPP money?

Funded PPP Loans by Company

• # 1 TOP SCHOOL, LLC.
• #1 COCHRAN BUICK GMC INC.
• #1 NORTH AMERICAN INVESTMENT COMPANY, LLC.
• #1 QUALITY ELECTRIC INC.
• #3 ZIMMIES, INC.
• #4429, INC.
• #7 ZIMMIES, INC.
• #8 ZIMMIES, INC.

Can I see who received PPP loans?

If you’re looking to check who’s received EIDL grants, EIDL loans, or PPP loans, the SBA has made recipient data publicly available.

How many businesses applied for the paycheck protection program?

70% of small business owners have applied for an emergency loan under the CARES Act’s Paycheck Protection Program (PPP), according to new research by the National Federation of Independent Business; there are more than 30 million small businesses in the United States.

Are recipients of PPP loans public record?

The PPP is an emergency loan program administered by the Small Business Administration. Historically, information on all loans issued by the SBA is publicly available information and subject to release under the Freedom of Information Act.

Do PPP loans have to be repaid?

For PPP loans issued after June 5, 2020, borrowers are given six months to spend the cash. They don’t have to start repaying the loan until 10 months after the spending period ends. “Borrowers have a pretty lengthy grace period to apply for loan forgiveness,” Sheehy said.

Is the Paycheck Protection Program out of money?

The Paycheck Protection Program has run out of money for most businesses, the Small Business Administration (SBA) announced May 4. The program was due to end on May 31. The SBA has recently launched other, separate programs for specific businesses, such as restaurants and entertainment venues.

How is paycheck protection loan forgiven?

You must use at least 60% of the loan proceeds for payroll expenses in order for the loan to be forgiven. In addition, you must not have reduced your payroll for 24 weeks from the time you received the loan funds. In addition to the number of employees, you’ll need to provide your payroll costs for the covered period.

Why are PPP loans public?

This information was held in confidence until a federal lawsuit forced the SBA to release the data. Combined with previously disclosed data, all PPP loans are now public information.

Who are the companies in the Paycheck Protection Program?

Quantum, a publicly traded company that makes computer storage devices, disclosed on Friday it had gotten a $10 million loan from the Paycheck Protection Program. Quantum is 16% owned by a $500 million investment firm that specializes in buyouts.

When did payment protection insurance come into force?

Most rules came into force in October 2011, with some following in April 2012. The Central Bank of Ireland in April 2014 was described as having “arbitrarily excluded the majority of consumers” from getting compensation for mis-sold Payment Protection Insurance, by setting a cutoff date of 2007 when it introduced its Consumer Protection Code.

How is Payment Protection Insurance mis-sold by banks?

Payment protection insurance. with this mis-selling being carried out by not only the banks or providers, but also by third party brokers. The sale of such policies was typically encouraged by large commissions, as the insurance would commonly make the bank/provider more money than the interest on the original loan,…

Which is an example of payment protection insurance?

PPI claims. Payment Protection Insurance can be extremely useful insurance; however, many PPI policies have been mis-sold alongside loans, credit cards and mortgages. There are many examples of PPI mis-selling, and as a result may leave the borrower with PPI that is no use to them if they came to make a claim.

What does the Paycheck Protection Program do for You?

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness.

Who was charged in the PPP loan fraud?

The first federal accusation of PPP loan fraud was announced by the US Department of Justice (DOJ) on May 5. Two men, one from Massachusetts and the other from Rhode Island, were charged with conspiracy to commit bank fraud, among other accusations.

What is the SBA paycheck protection program?

What is the PPP loan and how is it calculated? The PPP (Paycheck Protection Program) is an emergency disaster loan program administered by the SBA designed to provide funds to small businesses with under 500 employees who were affected by the 2020 Coronavirus epidemic.

Who is responsible for paying back a PPP loan?

Your employer has to account for all the monies spent in the eight-week period beginning from the date of the origination of their PPP loan and will be responsible for paying back any funds not spent on payroll or other very limited categories. Failing to disburse funds as allocated will mean they forego loan forgiveness.