80 percent of public companies that received coronavirus stimulus loans for small businesses will keep the funds, study shows

A new analysis has shown that the overwhelming majority of publicly listed companies that received coronavirus stimulus loans from the federal government, which were intended for struggling small businesses, do not plan on returning the funds., which analyzed data from the market research firm FactSquared.

Companies who took the loans despite having enough resources to get through the financial crisis, were required to return the money by May 18 without facing any penalties. But the Reuters analysis found that at least 76 companies who did not return the loans had"enough cash and cash equivalents to cover operating costs until at least June."has reached out to the Treasury Department, which has been overseeing the release of stimulus aid, for comment.

Treasury Secretary Steven Mnuchin exits the office of Senate Majority Leader Mitch McConnell after meeting with Republican lawmaker and Vice President Mike Pence at the U.S. Capitol on May 19 in Washington, D.C.Reports began circulating in April that many large companies had received millions in loans through the program, despite the intent being to prop up struggling small businesses.

Mnuchin said during an April 21 press conference that companies who kept the loans could face"severe consequences."

Not suprised. Crooks will be crooks!

2008 swamp creature resurrected

2008 all over again.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

DC small business owner struggling to get PPP funds during coronavirus crisis\nDC small business owner struggling to get PPP funds during coronavirus crisis. Time to open up the country. I barely got mine; itis one of the most screwed up programs ever! Multimillion companies got them, small tiny businesses like ours suffered before we got a few bucks I think Mitch made sure those went to defense contractors.
Source: ABC - 🏆 471. / 51 Read more »

Questions Persist After Release of New Small-Business Loan RulesThe Trump administration has updated guidelines for forgiving federally backed loans to help small businesses survive the coronavirus outbreak—but they don’t address some stickier issues plaguing lenders and borrowers. It's better to clarify Big banks are still off the hook though right? I mean THEY dont have to pay anything back right? Just another BaitAndSwitch by the corruptduopoly. realDonaldTrump it is taxpayer money - their money - so stop the BS & straighten this out or u r going to look even dumber the Hillary when u lose to an addled-brain opponent
Source: WSJ - 🏆 98. / 63 Read more »

Charter company that operated helicopter in Kobe Bryant crash has received federal coronavirus fundsIsland Express, the charter company that operated the helicopter that crashed in January, killing Kobe Bryant, his daughter and seven others, has received federal support in the midst of COVID-19 pandemic. So what? If they Qualified who cares? Kobe was overrated. No big loss. Many businesses have. Not sure what this is about except for clickbait
Source: latimes - 🏆 11. / 82 Read more »