Impact Wrestling Filed For Paycheck Protection Program Loan

Marco Green
July 11, 2020

The Paycheck Protection Program is created to "help businesses keep their workforce employed during the COVID-19 crisis", the SBA says on its website, and companies across every sector and every corner of the state received more than $14.5 billion in recent months.

Contact7 Investigates found exclusive private schools, and publicly funded charter schools got millions in the federal bailout money. It's estimated that there are still over 2,000 more Sheboygan County small businesses that may qualify for a PPP loan, and applications are being accepted through August 8th by the Small Business Development Center of the University of Wisconsin System.

As the COVID-19 pandemic closed businesses across the country, the federal government threw a lifeline to struggling small businessby way of PPP loans.

Government data released this week showed 4.9 million PPP loans, worth $521 billion were approved. Impact Wrestling obviously wanted to take advantage of this program. Atlanta strip club Magic City said their loan between $350,000 to $1 million helped 170 jobs, and the Old Savannah Tours company used a $350,000 to $1 million loan to help keep 165 jobs.

Under the program, companies can borrow up to two-and-a-half times their monthly payroll. Loans are forgivable and created to keep business owners and their workers on the payroll.

Other reports by Click Lancashire

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