Impact Wrestling Filed For Paycheck Protection Program Loan

Andrew Cummings
July 13, 2020

Most surveyed businesses that have requested a PPP loan have received it, with 56% of borrowers reporting they have spent all of their loan funds and the remaining 44% likely not far behind, the NFIB said. The original deadline to file for a PPP loan was June 30 but businesses now have until August 8 to file.

Almost three weeks after the loan was approved, the Ohio Democratic Party criticized the Paycheck Protection Program for granting an outsized amount of aid to larger companies while leaving smaller companies behind.

The Ohio Republican Party eviscerated their counterpart in a statement, saying Ohio Democratic Chairman David Pepper is "a hypocrite and should pay back these loans immediately". The program was established to help various businesses, large and small, self-employed workers, some non-profit organizations, tribal businesses, and sole proprietors. That includes a $1 million to $2 million loan that helped 103 jobs at Athens-based Creature Comforts Brewery, a $2 million to $5 million loan aiding 404 jobs at the Bacon County Hospital in Alma and 74 jobs retained because of a $350,000 to $1 million loan to Prince Chevrolet of Tifton.

"The objective of the Paycheck Protection Program is to help organizations cover payroll and benefits, and that's precisely what it has been used for - to ensure our entire team continued to work and earn a paycheck and retain their health coverage during an unprecedented public health crisis".

PPP loans can be forgiven by the federal government as long as 60% of the grant is used towards payroll, The Philadelphia Inquirer reported.

"As owners finish using their loan, more are finding that economic conditions are unable to support current staffing levels", the NFIB said in the survey released Friday.

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