Explaining how bank loans work

There are a lot of people, apparently, who don’t understand that when a business owner takes a loan, they are personally on the hook for that loan. And if there is a forgiveness feature, as is the case with the Payroll Protection Program, that forgiveness feature has to be applied for and approved. And if forgiveness is applied for and not approved, or if no forgiveness is applied for, then the individual who owns ...

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