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mattbeckman | 5 years ago

You can get a $5-10 Million loan for 14 employees at a nail salon?

https://pppreport.org/company/snappy+nails+s+p+a+9+inc

Damn.

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rco8786|5 years ago

Worth noting that they will owe this back unless they can show it was used for payroll purposes.

How they got that much money in the first place is a definite mystery though.

sriram_sun|5 years ago

What if they go bankrupt after generously paying employees?

tfandango|5 years ago

perhaps it encoded in the PPP law, but I wonder if this could be sidetracked by bookeeping, using PPP money to pay people, and investing that money you would have used toward R&D or something.

fullstop|5 years ago

How does this actually work? Is this effectively "Free Payroll" for a few months or is it more complicated than that?

Jommi|5 years ago

It depends on the salary levels from last year.

king_magic|5 years ago

So... last year's average salary was $357,142 per employee? :)