#59 - PPP Loans Under $2 Million Get Safe Harbor
News For Reasonable People
English - May 14, 2020 23:00 - 20 minutes - 13.8 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Small business owners who took Paycheck Protection Program loans for less than $2 million will not face scrutiny from the U.S. Small Business Administration, even if the loan might not have been necessary.
While the CARES Act did not require borrowers to obtain credit elsewhere, small business owners had to certify on the PPP application that the loan was necessary. New SBA guidance announced Wednesday provides a safe harbor for business with loans less than $2 million.
Scrutiny of loans over $2 million comes in response to publicly traded companies and other large organizations with access to capital that have received PPP funding. Several of these companies have already returned their loans.
The move does not address concerns from some small retail businesses and restaurants that the PPP loan terms force them to spend the funds before they are needed most, when they are trying to reopen.
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