Hi Zig Forums wanted to share a loophole I found with the PPP program. (Paycheck protection program)
1) Identify company currently in bankruptcy that had payroll in 2019 (preferably a Chapter 7) 2) Contact trustee about acquiring just the membership/stock interest in the LLC/corporation (no assets except books and records) 3) Purchase entity for a few thousand dollars - an entity in this status has zero inherent value since its underwater with debt so it shouldn’t be a lot 4) Apply for and secure PPP funding 5) Put yourself and your family on payroll at $100k/yr - nothing in the SOP requires you to hire people who worked for the company before back to be eligible for forgiveness. 6) If total $ eligibility exceeds what you can spend over 24 weeks at $100k/head with your family, hire your friends or some shit.
It’s pretty self explanatory. Buying the entity means you own it. Since you own it, you can use prior year numbers to apply and get monies
Samuel Russell
Nice. Good job mate
Sebastian Wright
sounds like the kind of thing only allowed for jews, godspeed op
Jackson Gray
holy kek. i would do this but i would get sued probably with some obscure law. you sure this is legal? kek
Xavier Harris
also is that your loan? if so then mega kek
Oliver Wood
Plenty of such loopholes exists. Find yourself a good jewish CPA. Only wagies pay taxes.
Luke Hughes
Yeah I got my law firm to write an opinion letter saying it’s permissible. Contact at the SBA even said it’s allowed, only rule is you use the $ for payroll so, lol.
Yes, this is
Jace Morris
holy my jesus of mother kek i love you. 1. gov said they're doing detailed reviews of loans of above 2 million. so you're saying that they're going to review your loan, see that you acquired the company a few weeks ago, see that everyone on the payroll is all your family and friends, and not suspect a thing? KEK no way i can't believe the government would allow this clown world shit 2. this is not fraud? check this article. forbes.com/sites/brucebrumberg/2020/04/10/how-to-avoid-going-to-prison-for-your-paycheck-protection-program-loan-advice-from-former-federal-prosecutors/ you sure it will pass points #3, #5, #7 (first list)? i could see you going to jail just to set an example for the government, kek but i don't know too much about any of this. 3. i didn't research the PPP program but how does it work? when you got the 10 million dollar loan, at the end, how much of it are you actually going to get?
