Both rounds of covered loans may be forgiven by lenders if recipients meet criteria specified in 15 U.S.C. Sections 636 (a) (36), 636 (a) (37), and 636m. Among the criteria are that at least 60% of ...

Also unlike federal student loans, PPP loans were given at the beginning of the COVID-19 pandemic with the intention of being forgiven as long as borrowers met certain criteria, such as using the ...

The Paycheck Protection Program (PPP) has reopened to all lenders, and with this fresh wave of funding comes new eligibility requirements and further clarifications around the forgiveness process ...

The loans could be forgiven if the business owners followed certain guidelines. Roughly 11.5 million loans were made for more than $790 billion in just a matter of months. In that respect, the program ...

Under the current requirements for the Paycheck Protection Program, businesses that don’t spend at least 75% of their loans on employees within eight weeks, rehire employees by June 30 or return ...

The Small Business Administration guaranteed PPP loans, which included a forgiveness clause under certain conditions. More specifically, the "second-draw" loan criteria was limited to a company ...

The Small Business Administration has charged off 390,103 PPP loans so far — or about 3.4% of the 11.46 million loans made across 2020 and 2021. The agency charges off a loan to recognize a loss.

The small businesses said in a lawsuit that the bank used "misleading marketing and business practices" to rake in processing fees from oversized Paycheck Protection Program loans. A bank spokesperson ...