President Donald Trump and Treasury Secretary Steven Mnuchin on Monday signaled the administration would support giving companies more flexibility in how they use emergency small business loans, amid mounting complaints that restrictions on the aid are too onerous.
A room full of restaurant industry executives meeting with Trump at the White House urged the president to ease limits on the so-called Paycheck Protection Program, which Congress created to help avert layoffs during the Covid-19 pandemic. The loans have proved immensely popular because they can be forgiven if employers agree to maintain their payrolls.
Trump, seemingly impressed by the industry's unified position, appeared willing to relax restrictions on the loans, saying "we'll look at that very strongly."The comments by Trump, as well as Mnuchin, underscored the increasing consensus in Washington around retooling the small business loan program, which policymakers hurriedly launched on April 3 to help fight the economic downturn.
Another chance to just give away taxpayers money with no conditions.
It’s too late. PPP rules have been a total joke. By now, you have a couple of weeks left before you have to spend all payroll $$, while economy is not even fully opened and customers have not returned. Total bust!! realDonaldTrump USTreasury SBAgov SBAJovita GOP DNC
The loans were to pay workers.
Who is varnishing his hair during lockdown?
Yep.