Money for truckers...

The rules on PPP early on in the program were strict. They got loosened up by the time the money had almost ran out. In the beginning profit had to be shown but that got changed to where Sole proprietor's and 1 employee corporations only had to show proof of 1099 gross revenue.

And the money could be 100% used for payroll costs as 1 person business. You could get a 1st draw of $20,855 maximum (some people got less with smaller gross revenue,, people who profited got more) with that gross revenue, if you profited a lot you could get way more than $20,855. I could be wrong but I think up to $100,000 was eligible for 100% forgiveness to the single employee company for that much profit.

The money had to be spent on payroll in an 8 week period after it hit the account. Then there was also a 2nd draw money available (another $20,855) after that one was done. Once money was transferred to your other bank account as your compensation replacement you could buy whatever the hell you wanted with it. Perfectly legit. It was payroll compensation for lost wages.

Later, there was a quick form to fill out asking for forgiveness. Some documentation was needed for that. Took a few weeks then was approved. If you waded thru the process you'd know this.

The people you read about in newspapers for buying new super cars and luxury vacations were the ones fraudulently claiming they had a business or businesses and were stealing hundreds of thousands, sometimes millions of dollars.

 

Looks like government started auditing many EIDL. Every day i hear fraud cases opened up against individual..Also there is a new link at borrowers account page )))
The SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges.
ATTENTION:

• Borrowers eligible for this plan may make reduced payments for 6 months.
• Interest will continue to accrue, which may increase (or create) a balloon payment due at the end of the loan term. The maturity date of your loan will not change.
• The 30-month COVID-19 EIDL deferment period will not be extended. COVID-19 EIDL is not forgivable.

DETAILS:

• You are required to pay a minimum of 10% of your monthly payment amount (with a $25.00 minimum) for 6 months. You may choose to make payments larger than the minimum.
• The reduction will be effective immediately. Otherwise, your payment reduction will take effect the following month.
• During the hardship accommodation period, borrowers can voluntarily make additional payments.
• Your regular payment amount will resume and be required after the hardship accommodation period ends.
• You may renew the hardship accommodation if necessary by re-enrolling, subject to eligibility.
• Payment of the reduced amount in full will bring your loan to a current status and advance your next due date.