Loan Forgiveness Scams
Small business owners are going to want to maximize payroll and rental expenses to increase the paycheck protection program forgiveness.
Here are some crazy half-baked ideas that we preemptively know people will try-
Adding your spouse or children to payroll during the 8-week period.
Adding crazy Eddie to your payroll and having him kickback the paycheck.
Prepaying rent to your landlord.
Entering into a rental agreement with yourself for the use of your home office.
We suspect the loan forgiveness process will be a mini-audit… and they will probably be approaching it from a “yeah, right” perspective. Let’s not give them reasons to deny the forgiveness.
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