PPP loans might be fool’s gold | AspenTimes.com

PPP loans might be fool’s gold

Business owners who kept their employees paid through the government shutdown by taking advantage of our federal government’s Payment Protection Program (PPP loans) be aware: The U.S. Treasury SBA’s Aug. 10 loan-forgiveness application window was suspended without further notice.

For those of us who are skeptical of our government’s promises and edicts, please take this seriously — it is possible that PPP loans won’t be forgiven as initially promised. One credible PPP participant (a chain restaurant owner with over 1,000 employees) shared in an interview with Tucker Carlson of Fox News that Democrats in the Treasury Department are pushing to treat PPP loans as taxable income.

I advise PPP recipients to consult your tax and legal attorneys about this. If at the time that PPP was being hyped you decided that for the benefit of your employees and for the benefit of your business it would be sensible to take “free” government money without realizing that sooner or later you’d have to pay the piper, it’s time to seek reckoning. Further, I’d say — be on guard when anyone promises something for nothing, especially from our ever-encroaching government. As a sanity check, think “masks must be worn even when you’re hiking and nobody’s nearby!”

John Hornblower

Snowmass Village

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