There were some funds set aside to help small businesses through the Chinese Flu and some not-so-small businesses managed to sneak in their applications. They just got their wee-wee's slapped. From One America News Network:
Treasury Dept.: Publicly Traded Companies Must Return Small Business Loans By May 7th
Treasury Department officials are warning publicly traded companies to return any funds they have received under the Paycheck Protection Program (PPP) or face consequences. In a new round of guidelines that were issued Thursday, the administration announced public companies have until May 7th to repay their loans.
Otherwise, Treasury Secretary Steven Mnuchin stated there will be repercussions.
“Certain people on the PPP may have not been clear in understanding the certification. So, we will give people the benefit of the doubt. We’re going put out a FAQ, explain the certification. If you pay back the loan right away, you won’t have liability to the SBA and to Treasury. But there are severe consequences for people who don’t test properly the certification.”
– Steven Mnuchin, Secretary of the Treasury Department
He went on to say the reason behind the overhaul is to make sure the money is available to small businesses that need it, including those that have invested their entire life savings.
And the businesses who should not have gotten the money?
This comes as a growing number of companies have begun returning their loans, including Ruth Chris Steak House, which received $20 million under the program, Harvard University, which received $8.6 million, and Kura Sushi, which received $6 million. Mom-and-pop shops across the country claimed they have been shut out.
Just a few from an unfortunately large list - now I know where not to spend my money. Zero issue with capitalism, I am a capitalist myself. Crony capitalism is a totally different animal and reeks of corruption, inefficiency and waste.
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