A group of 23 state attorneys general are urging the U.S. Congress to implement more controls over the government loan program meant to aid small business during the coronavirus shutdown, as many benefactors of the program have so far been major companies.
Compounding the frustrations of many small businesses have been reports in recent weeks that operations like The Los Angeles Lakers received a $4.6 million PPP loan, public restaurant chain Shake Shack received a $10 million loan and also public Ashford Hospitality received a $13 million loans. Companies have to apply for a PPP loan. Only when it was made public did these large companies and and many others decide to give the funds back.
“Even the second round of funding looks likely to leave many small businesses underserved,” the AGs added. “The chasm between those who need this money and those able to successfully secure funding undermines the program’s stated purpose of providing emergency relief to all small businesses adversely impacted by the COVID-19 crisis.”
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Small business owners in hardest-hit states were less likely to get relief loans, study showsSmall businesses in states hardest hit by the coronavirus -- including New York, New Jersey, Michigan and Pennsylvania -- were less likely to get federal coronavirus relief loans than less-affected states in other parts of the US, according to research from economists at the Federal Reserve Bank of New York. What's really amazing is the 'small businesses' that got the relief loans WERE LARGE COMPANIES NOT THE MOM AND POPS that are really struggling to stay afloat we need to know who the institutions in charge of disbursement are so we can hold them ACCOUNTABLE
Source: CNN - 🏆 4. / 95 Read more »
Pelosi signals support for massive new payroll subsidies as small-business loan fund nears expirationThe speaker stressed that Congress should be for “expanding support beyond PPP to provide more resources” to the tens of millions of small businesses impacted by the COVID-19 epidemic, signalling support for a sweeping Paycheck Guarantee Act that would reimburse employers of all types and sizes for payroll and benefit costs. Can’t believe people still vote for that idiot It's not about the lack of loans it's about the lack of demand and just because you give a loan out it's not going to do anything to demand so bottom line businesses are screwed You need wear a face mask, not a neck mask! 🤭
Source: MarketWatch - 🏆 3. / 97 Read more »
Tax Deductions Tied to Forgiven Small Business Loans Draw SupportBipartisan momentum is building in Congress to let small businesses get tax-free loan forgiveness while also deducting their expenses, a move that would provide clarity and unusually generous tax benefits. Awesome Plz make it less than 800 pages this time. Thx Two years after the trip, Clinton signed into law a bill granting China permanent normal trade relations (PNTR) with the US, effectively backing Beijing’s bid to join the World Trade Organization, which became a reality on December 11, 2001.The dawn of U.S. moving off shore.
Source: WSJ - 🏆 98. / 63 Read more »
2 New England men are first charged with coronavirus small-business aid fraudTwo New England businessmen were arrested Tuesday on charges of fraudulently seeking federal loans intended for small businesses that have been struggling during the coronavirus pandemic, according to prosecutors. They’re the first as a story. Do u know who really did it first? Donald Trump! Too bad the banks are still holding up the funds!!
Source: FoxNews - 🏆 9. / 87 Read more »