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Comment by throwaway_USD | Hacker News Reader

>Most of them will owe ~20% of the loan back to their lender since they had minimal other expenses.

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.

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It is not true that entire loan is forgiven if the payroll percent is met. Only the actual money spent on forgivable expenses (payroll + rent + interest on some debt) is forgivable. If you read the forgiveness application this is clear.

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.

>It is not true that entire loan is forgiven if the payroll percent is met.

Where did I say that?

It says exactly what the parent said: loan funds must have been spent on legit essential expenses, 80% or more of which must be payroll.

I think this is a misunderstanding of the intention. The 80% means "we want you to spend this money on employee payroll, not a new boat" and they expressed that wish by saying "it needs to all be spent on payroll" , modified with "well, at least 80% on payroll and the balance on other essential non jetski expenses". So if the business spent 100% on payroll expenses that's just fine. It's the 79% and less they're worried about.

Eh, I think the way I described it was fine. These are loans. I don't know anyone who's had even a single dollar forgiven yet. As far as I know there has been no official "forgiveness".

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.

If I give you $80,000 and loan you $20,000, the semantically important part of my action is as a "gift", not a "loan". Why do you want us to ignore the $80,000 and only pay attention to the $20,000?

>I don't know anyone who's had even a single dollar forgiven yet.

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.

Loans always have delayed payment terms, you're being willfully obtuse.

>Loans always have delayed payment terms, you're being willfully obtuse

And how often do they have forgiveness terms?

What are you talking about? Every loan I've ever taken out (car, mortgage), except for school, had a payment due the first month after I took out the loan.

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