Chico Taxes: Who’s going to pay for thousands in “payroll loans” to local companies?

9 Jul

Dave Howell looks into the “Paycheck Protection Program” at Chico Taxes:

Who’s Going to Pay For This?

2 Responses to “Chico Taxes: Who’s going to pay for thousands in “payroll loans” to local companies?”

  1. Dave July 9, 2020 at 12:33 pm #

    Thanks for the post.

    It turns out that these loans can be spent on other things besides payroll, and the loans can be forgiven if they are spent on qualifying expenses. So I’m not sure they are really loans. Sounds like free money to me.

    There are 425 “loans” in the spreadsheet but I left out Corning and Los Molinos. Adding those in would bring it up to 443. I will add those and maybe the descriptions to the NAICS codes.

    Also, the PPP is still handing out money so those numbers will probably go up.

    When I get a chance I will update the spreadsheet but it might not be for a week or two. I will let you know when I get it done.

    It’s a huge amount of money that’s being handed out. The file I got the data from lists over 660,000 “loans.” And keep in mind, these don’t include the “loans” under $150,000 so I don’t have those in the spreadsheet.

  2. Dave July 9, 2020 at 12:42 pm #

    Just to clarify, the loans listed in the spreadsheet range from 150,000 to 10 million. SBA did not provide the exact amount of each loan, just a range.

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