The federal government’s emergency lending program for small businesses is up and running again today with a fresh $310 billion after exhausting its original $350 billion allotment two weeks ago.
The program has been shrouded in controversy after a chaotic launch and the revelation that large, public companies had received loans even though the program was designed to help small, vulnerable businesses stay afloat. That prompted the Small Business Administration to issue new guidance that clarifies which businesses are entitled to the forgivable funds.
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theothersarahh Hopefully all the companies who didn't desperately need those loans will return them.
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Mnuchin Warns Of ‘Criminal Liability’ For Public Companies Taking Small Business LoansThe federal government plans to audit any company taking out more than $2 million from the small business loan program, said Mnuchin—adding that large corporations that wrongfully claimed the money could be subject to “criminal liability” by skleb1234 skleb1234 Nah. It won't ever happen. skleb1234 The gop holding big corps criminally liable?! Puhlease. The SAME party that passes taxpayer funds out like candy to billionaires all while saying poor kids should “pull themselves up by their bootstraps” and get their own access to healthcare, education, food, etc.? RIPGOP
Source: Forbes - 🏆 394. / 53 Read more »
Even The LA Lakers Got A PPP Small Business LoanThe Los Angeles Lakers — one of the NBA's most profitable franchises — have returned money they received from a federal loan program intended for small companies. More than 200 public companies are still holding onto money from the program. Sure do love them little ma-&-pa NBA franchises. Publicly traded companies have shares they can issue or various other ways to raise money this whole PPP Small Business Loan program is a complete fraud joke corruption whatever federalreserve Where can we find a list of these public companies?
Source: NPR - 🏆 96. / 63 Read more »
Large companies returning their small business loans amid backlash - Business InsiderPublicly traded companies are now required to return loans under the Paycheck Protection Program. Private ones like Sweetgreen are returning them too. Damn right
Source: BusinessInsider - 🏆 729. / 51 Read more »