Mnuchin loosens restrictions on small-business loans to ease forgiveness, but borrowers to remain secret

  • 📰 washingtonpost
  • ⏱ Reading Time:
  • 62 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 72%

United States News News

United States United States Latest News,United States United States Headlines

The treasury secretary told Congress he wants to ease a path to forgiveness for borrowers but won’t release their names.

“tens of millions of Americans would have been permanently separated from their livelihoods.” Officials have not released any data to confirm these projections, however.2.5 million jobs in May, a far better outcome than experts had predicted and one that lowered the unemployment rate to 13.3 percent.

Last week that threshold was reduced to 60 percent, and Mnuchin confirmed to Rubio early in the hearing that even borrowers who spend less than that on payroll will be eligible for partial loan forgiveness, so long as 60 percent of the amount forgiven went to payroll.That would allow, for instance, a borrower who received $10,000 in funds and spent $3,000 on payroll to be eligible to have $5,000 forgiven, depending on other factors.

As a result of recent rule changes, Mnuchin said he expects to see a jump in applications from business owners who had been on the sidelines. Small Business Administration Administrator Jovita Carranza testified that “we don’t have actual numbers at SBA" regarding new applicants to the program but that businesses appreciated the changes.

House Democrats have proposed a roughly $3 trillion spending package, which would provide more aid for states and cities, among other things. Senate Republicans and the White House have rejected the plan and have said they want more time to decide how to proceed.Mnuchin also weighed in on an issue that has divided Republicans related to a large increase in unemployment benefits that the White House and Congress approved in March.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 95. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

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

Treasury Secretary Mnuchin announced 3 big changes to PPP small business loan program - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Satan couldn't have picked better could he?
Source: BusinessInsider - 🏆 729. / 51 Read more »

Judge Backs USA Gymnastics Suit for Small-Business LoanA bankruptcy judge backed USA Gymnastics in its lawsuit to get one of the small business loans created by Congress, saying the embattled group is likely to succeed in defeating a rule excluding organizations in bankruptcy. Without reading the article, I would say the picture is irrelevant to the tweet, and yes I am aware of his crimes.
Source: WSJ - 🏆 98. / 63 Read more »

Here’s Washington’s new fight over the small-business coronavirus bailout: what to do with leftover cashCongress just found more than $100 billion in extra cash in its Paycheck Protection Program and one Republican senator already has an idea how to spend it: fix up businesses damaged by the riots sparked by the killing of George Floyd by Minneapolis police. Well this article is as idiotic as many politicians! First I don’t believe the situation has reached the end, therefore would it not be premature for either side to be arguing over left overs. Wow it just appeared like magic just like the rest! “Just”
Source: MarketWatch - 🏆 3. / 97 Read more »