I don't think you know that many people then. I don't know a ton, but everyone I know is expecting to get 100% of the loan forgiven. Main reason being you just need to show that money is spent on payroll, mortgage interest and utilities. For a lot of businesses it isn't that hard to shift accounts around to show those costs are higher than their PPP amounts.
That was my entire point is that the loans were designed to forgive a minimum of 75% of the loan, but it is 100% forgiven if they limited their loan application to 8 weeks of payroll.
All the people you know took 20% more for salary than they were supposed to and they should pay it back. Even based on your personal experience you should know this isn't the way to describe the program:
>These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven.
Rather in your personal experience most of the loans will be 80% forgiven.
What do you call a loan that you still owe? A loan. Once the forgiveness guidance is finalized and people are actually receiving it, then perhaps I will recharacterize my description.
This is what I meant by political couching: Do you know any one who has paid back a single dollar?
>These are loans.
Fine care to loan me $1M and I'll pay you back 20% with interest.
And how often do they have forgiveness terms?
Overall though I’d expect 75-95% of program funds to be forgiven as they have extended the time window from 8 to 24 weeks making it much easier to use all funds in a forgivable way.
Where did I say that?