Small-business loan repayment deadline passes with no word on how many companies returned PPP money

The government gave publicly traded companies until May 7 to return the money, then moved the deadline to May 14 and finally to Monday. The government said it would also audit loans larger than $2 million.Now, there are questions about whether the administration can force companies that received money under the initial PPP program to return it.

An April 6 regulation issued by the Treasury Department said that borrowers and lenders “should rely on the laws, rules and guidance available at the time of the relevant application.” Small-business advocates say it is unlikely the government could penalize public companies whose application predated the April 23 rule.Gene Marks, a Philadelphia-based accountant and small-business advocate who is tracking the program, said the two rules seem to directly contradict each other.

There is a lot at stake for economically devastated small businesses across the country, and for taxpayers who have to foot the bill. The Paycheck Protection Program is a critical component of the Trump administration’s efforts to shore up the economy with public funds while people in all 50 states wait out theThe program offers loans at ultralow interest rates and includes an opportunity to have the loan entirely forgiven.

“There are quite a lot of companies who have decided that, because of concerns over shifting goal posts that might change how they would be viewed under audit, it wasn’t worth the hassle,” said John Lettieri, president and chief executive of the Economic Innovation Group, an advocacy organization.

There is little to no profit on many businesses right now , this is a disparity between the government and small business owners

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Minority-Owned Small Businesses Struggle To Gain Equal Access To PPP Loan MoneyAccording to a survey released Monday, only 12% of minority-owned small businesses were able to secure the loans they requested. I’m white. They declined me. Please stop. Several other white friends also got denied. I do know other minorities that got declined as well. But we all bleed red so really who cares about what race. We’re all the human race and we’re all getting treated like trash. This complete nonsense. Funny how I don’t remember the “mark your ethnicity” piece on the loan application. More BS
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Minority-Owned Small Businesses Struggle To Gain Equal Access To PPP Loan MoneyAccording to a survey released Monday, only 12% of minority-owned small businesses were able to secure the loans they requested. No mention of what kind of business? Because that would matter depending on importance. I know a few that just gave up. BOA application requested tons of info that they’ve had on file for years.
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