The Treasury Department has made it easier for borrowers with criminal records to access Paycheck Protection Program loans, the Small Business Administration announced on Friday.... [+]KEY FACTS
Applicants who were convicted of a non-financial felony within the last five years were previously barred from applying for a loan from the coronavirus relief initiative. The new rule reduces the look-back period from five years to one year, but still excludes business owners who are currently on probation or parole.
The period remains five years for felonies involving fraud, bribery, embezzlement, or a false statement in a loan application, the SBA said. As of June 6, more than $511 billion in PPP loans had been distributed to about 4.5 million small businesses; more than $130 billion in loan money is still available. The PPP was criticized when it was first enacted in early March for doling out money to large public companies when the program was meant to keep mom-and-pop shops from folding.
rachsandl Haha yes why not loan out money to high risk people 👍 I am it’s gonna be fine ...
rachsandl what is the problem , they do not deserve the chance to make success ?
rachsandl Once again, Criminal Justice reform that Trump will not get credit for. Paycheck Protection program loans are made available to borrowers with records. donLemon Cnn msnbc actual facts. Changed lives opportunity blm Democrats didn't do this when they could have.
rachsandl Most politicians in this country are money hungry and power hungry cowards not fit to serve in office. They are sitting or staying silent and appeasing the domestic terrorists who trash this country. The Politicians just care about votes and not the well being of the country.