- The U.S. government’s $660 billion program to rescue small businesses hit by the coronavirus pandemic thwarts the intention of Congress by making it hard for some borrowers to convert loans to grants and failing to prioritize the right businesses, a government watchdog said on Friday.
"Because the did not provide guidance to lenders about prioritizing borrowers in underserved and rural markets, these borrowers, including rural, minority and women-owned businesses, may not have received the loans as intended," the inspector general said in a 40-page reportAdding to the problem, the report said, the SBA did not collect any demographic data when issuing the loans, so it is unlikely it will ever know how many loans went to underserved borrowers.
Under the U.S. Treasury and SBA’s stringent loan forgiveness terms, businesses that use less than 75% of their loan on payroll may not get the loan forgiven. Congress did not specify any such threshold. Senate Democratic leader Chuck Schumer said the report shows President Donald Trump’s administration “must immediately fix the Paycheck Protection Program to help the truly small businesses that have so far not received the help they need.”
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Slush fund.
Sometimes I think every business but small businesses got some money. Another Trump scam to add $$$$ to big business at our expense.
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