For Louine Raymonvil, the $105,000 Paycheck Protection Program loan his North Miami Beach security business received in June 2020 was a godsend.
“The help was there for me to help with employees, so thank God I got it,” he said. But getting the loan forgiven has been another story.
The lending program, commonly referred to as PPP, was created by Congress as part of the March 2020 CARES Act and designed to provide relief to small businesses struggling with COVID-19-related closures and disruptions. Under the terms of the program, which was administered by the Small Business Administration, the loans didn’t have to be paid back so long as they were used for payroll and other approved expenses.