By Tyler Durden | 14 April 2020
ZERO HEDGE — Several hedge funds have attempted to tap into the $349 billion Paycheck Protection Program included in the historic $2 trillion US stimulus package designed to keep small businesses afloat during the coronoavirus pandemic, according to Bloomberg.
Managed by the Small Business Administration, the PPP was intended to cover payroll, rent and utilities for up to eight weeks, providing loans which convert to grants if recipients retain or rehire their workers. In fact, an entire cottage industry has sprung up surrounding the program, with law firms hosting webinars for struggling businesses looking for guidance on how to gain access to the funds.
And as Bloomberg reports, some hedge funds have already applied – certifying on an official form that their small businesses (with fewer than 500 employees), and that the “current economic uncertainty makes this loan request necessary to support the ongoing operations.” […]
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