Let’s be candid: $659 billion just doesn’t go as far as it used to. In just two short weeks, the entire $349 billion allocation for small business loans under the landmark CARES Act Payroll Protection Program (PPP), part of the single-largest government stimulus package in history, was completely exhausted by the onslaught of distressed businesses (the “PPP I Loans”). The result of this eye-popping phenomenon was that the government passed “PPP II: The Sequel,” authorizing yet another $310 billion in PPP loan availability (the “PPP II Loans”). It is anticipated that the PPP II Loans will soon be exhausted. Like the never-ending Rambo franchise, are PPP III, IV and V Loans perhaps on the horizon? And as the sun rises in the east and sets in the west, where there is money fraud soon follows in its wake. Find out more from authors Thomas J. Salerno, Gerald Weidner, Christopher Simpson and Susan Ebner from Stinson LLP in this ABI exclusive.
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