Did Reese Witherspoon get a PPP loan? The rich and famous including Tom Brady, Reese Witherspoon and Jared Kushner had their PPP loans forgiven.
Who got all the PPP money? Roughly 25% of PPP loan funds went directly to workers who would have lost their jobs. The rest (75%) went to business owners, shareholders, creditors, and suppliers of companies receiving loans.
Who had to pay back PPP loans? To be eligible for loan forgiveness, businesses have up to 24 weeks from the date the loan is received to spend the PPP proceeds If you do not apply for forgiveness, you will have to pay back the total amount of the loan.
What can get you denied for a PPP loan?
- Your documents were incomplete.
- You weren’t eligible for the loan.
- Your calculations were wrong.
- You forgot to sign your documents.
- You didn’t use the money for its intended purpose (60% or more on payroll)