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RTFC

Joined: 08/08/2003 Posts: 6670
Likes: 3512


If you own a business


that legitimately qualified for the PPP, as mine did.

And didn't apply for the PPP loan, the net result is the same as deciding you aren't going to take a legitimate tax deduction you were qualified for. It's just a law related to how much you pay the government - for many successful small businesses that is still a net expense - PPP just lowered it. How many people do you know that refused a legitimate tax deduction?

Was it easy money? sure, but based on the documentation required I've done easier jobs.

With a little research it is interesting to look at which type of businesses got the most $$$ from PPP - as an industry, some of which probably didn't have a net expense to government.

The top five:

The first is pretty easy to guess - full service restaurants, lots of employees in a shut down industry which gave high total payrolls, on which PPP loans were based.

The next three probably don't appear on many people's guesses.

Doctor's Offices.
Law Firms.
Dentist Offices.

These were able to show the required loss of business and had high payrolls due to high salaries of principals and fewer employees than many small manufacturing facilities - making them able to keep required number of employees to qualify for PPP forgiveness. But not likely the intended target of many legislators when writing/voting for PPP.

Finally limited service restaurants.

Like many government programs the PPP intent is good, implementation and huge scale leaves a little to be desired, but if your competitors are following the financial laws of the land to their benefit and you aren't - you won't be a competitor very long.


(In response to this post by BleedinOandM)

Link: ppp $$$ by industry


Posted: 04/16/2021 at 02:20AM



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