SBA has charged off billions in unpaid PPP loans as fraud worries linger

[Yo_Mama_Been_Loggin]

The number of Paycheck Protection Program loans the Small Business Administration has charged off continues to grow.

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. In this case, if a PPP borrower does not submit a forgiveness application within 10 months of the end of the covered period, the borrower must make payments on the loan to the lender.

If it does not, the lender can request the SBA purchase the loan and charge it off — but that doesn't mean borrowers are off the hook.

https://www.bizjournals.com/seattle/news/2023/05/19/sba-has-charged-off-billions-in-ppp-loans-so-far.html

[bucolic_frolic]

1. They should have stuck with STIM checks for people

It would have kept the economy going instead of being a handout to businesses