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A loan-out corporation, also known as a loan-out company, or personal service corporation, is a form of US business entity in which the creator is an 'employee' whose services are loaned out by the corporate body. The creator of the corporation is typically the sole shareholder, and thus the corporation is used as a means to reduce their personal liability, protect their assets and exploit taxation advantages. Loan-Out corporations are especially prominent in the entertainment and professional sports industries, as the creator's services are typically performed on individual contract bases, and receive large, irregular sums of income throughout the year.
The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
References
- ↑ William K. Rashbaum, Once Again, a No-Show Job Plays a Role in a New York Graft Case, New York Times (October 20, 2016).
- ↑ Philip Carlo, Gaspipe: Confessions of a Mafia Boss (HarperCollins, 2008), p. 28.
- ↑ Patrick McGeehan, No-Show Jobs and Overstaffing Hurt New York Harbor, a Report Says, New York Times (March 21, 2012).
- ↑ Lawrence S. DiCara with Chris Black, Turmoil and Transition in Boston: A Political Memoir from the Busing Era (Hamilton Books, 2013), p. 46.
- ↑ Seidel, Jon (2022-02-23). "State Sen. Thomas Cullerton to plead guilty in federal embezzlement case". Chicago Sun-Times. Retrieved 2022-02-23.
- ↑ Melvin G. Holli, "The Daley Era: Richard J. to Richard M." in The Mayors: The Chicago Political Tradition: The Chicago Political Tradition, 3d ed. (eds. Paul M. Green & Melvin G. Holli: Southern Illinois University Press, 2005), p. 230.
- ↑ Sunder Gee, Fraud and Fraud Detection: A Data Analytics Approach (John Wiley & Sons, 2015), pp. 173-74.
- ↑ Leonard W. Vona, The Fraud Audit: Responding to the Risk of Fraud in Core Business Systems (John Wiley & Sons, 2011), pp. 214-15.