Are You a Government Contractor Seeking PPP Loan Forgiveness? Be Careful What You Wish For!

Source: lexology.com

Anyone engaged in government contracting work knows that it is very different from working in the private sector. The CARES Act passed in March of last year illustrates this point. For most private sector companies, loans received under the Paycheck Protection Program (“PPP”) were eligible to be fully forgiven and treated—essentially—like grants. There was no obligation on private sector businesses to refund these loans to the government. The whole purpose of the PPP program was to help businesses keep their doors open and their employees working during a global pandemic. Requiring private businesses to repay those loans would have defeated that purpose.

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