Which Michigan Companies Received The $24 Billion Paycheck Protection Program Taxpayer Cash
The Paycheck Protection Program (PPP) is a Cares Act program administered by the Small Business Association (SBA). These funds were meant to help businesses keep their employees employed during the COVID-19 crisis.
The Paycheck Protection Program ended on May 31, 2021.
MLive reported that businesses in Michigan received approximately $24 billion taxpayer dollars. The Small Business Association website stated the following:
“First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60% of the proceeds are spent on payroll costs
Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60% of the proceeds are spent on payroll costs”
Did the federal government verify what the funds were actually spent on?
Approximately 12 million PPP loans totaling approximately $800 billion were given to businesses nationwide. Michigan partook in approximately 300,000 of those 12 million forgivable loans totaling $24 billion. Interesting because the $1.9 trillion Covid relief package passed by the Democrats in March gave $86 billion of taxpayer funds to fund and balance severely underfunded private union pension plans.
According to the Small Business Association of Michigan (SBAM) survey, 91% of “small” businesses received the PPP taxpayer funds. Some Michigan businesses received $10 million dollars.
In that Mlive article, they have a link to a great database that allows you to see every Michigan business that took PPP taxpayer dollars and you are able to search the database for specific Michigan businesses.
Click on the following link:
Michigan business PPP cash database.
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