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Deadline Detroit | Some Detroit-area Businesses Got Covid Federal Paycheck Protection Loans, Then Folded


Andiamo on Michigan Avenue in Dearborn
The federal government s Paycheck Protection Program (PPP) was designed to help businesses cover payrolls, avoid layoffs and stay open during the pandemic.
But some Metro Detroit buinesses got the loans, then folded shortly after, JC Reindl of the Detroit Free Press reports. Some loans in the program can be fully forgiven, while others must be repaid to the government with 1-percent interest.
Andiamo restaurant on Michigan Avenue in Dearborn was approved for a $434,749 loan Jan. 23, the paper says. It closed at the end of February, citing financial strains from the pandemic.
It s unclear if they willl have to repay the loan. The restaurant did not return a call from the Freep for comment. ....

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