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Treasury gives public companies 2 weeks to give back PPP loans: report - Business Insider

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Publicly traded companies have 2 weeks to give back loans intended for small businesses or potentially face 'severe consequences,' Treasury Department reportedly says

FILE PHOTO: U.S. President Trump leads daily coronavirus response briefing at the White House in WashingtonThe Treasury Department is asking publicly traded companies to return their loans from the federal government by May 7,Large companies who drew from the fund intended for small businesses were criticized after many small businesses were unable to access loans as the fund ran out of money.

Some public companies, like Shake Shack, gave back the money after they realized small businesses weren't able to access the loans, but some companies like Ruth's Chris Steak House have held on to the funds.

The request from the Treasury Department comes after large companies who took loans from the fund were criticized heavily as the fund ran out of money — and small businesses, which the fund was intended to help, were unable to get a loan. Large companies were able to access the funds through a loophole in the restrictions that were meant to save the loans for use only by small businesses., which received a $10 million loan, said that when they realized small businesses couldn't access the fund, they gave back their loan to free up more cash, but some businesses like Potbelly and Ruth's Chris Steak House have held on to their loans.

 

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Good AND THEN WE WANT THE LIST!

Do the banks that wrote the loans have to give back the % they kept underwriting them? Bet not.

GOV put the money in THEIR bank accounts on the first place! What lack of evaluation this is!

Governmint iz aweSome.

Good.

Yes..it is totally their fault they got those loans...nothing to do with the process. Cut me a break...you guys need to vet what you’re doing

And the banks will again get 5% commission on that money when they pass it over to the small businesses?

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