Mid-South churches, personal and charter schools reap millions in taxpayer-funded loans
MEMPHIS, Tenn. (WMC) – huge amount of money in taxpayer-funded loans that have been supposed to assist small enterprises remain afloat throughout the COVID-19 pandemic have actually been distributed to a large number of churches, personal schools, and charter schools over the Mid-South.
The loans had been area of the Paycheck Protection Program (PPP), that was made up of the passing of the CARES Act.
Congress passed the CARES Act in belated March as organizations from coastline to shore had been purchased to power down due to the COVID-19 pandemic.
The PPP ended up being made to be a lifeline for small enterprises through the pandemic by supplying loans to hide to eight months of payroll costs.
The cash can also be employed to spend lease and resources.
The loans may be forgiven if they’re utilized on qualified expenses and also to retain workers.
“It had been designed to offer sort of a back-up for employees around the world,” stated Greg Akers, editor-in-chief associated with the Memphis company Journal.
The little Business management, which administers the PPP loans, claims around this week 93,750 loans have already been distributed to businesses that are small businesses in Tennessee, totaling $8.8 billion.
The SBA states 45,990 loans totaling $3.1 billion have now been distributed in Mississippi.
Meanwhile, 42,524 loans totaling $3.3 billion have already been distributed in Arkansas.
Nationwide, almost 5 million loans totaling a lot more than $517 million have now been distributed, in line with the SBA.