Here are all the companies returning PPP money after the public backlash: by theothersarahh
The federal government’s emergency lending program for small businesses is up and running again today with a fresh $310 billion after exhausting its original $350 billion allotment two weeks ago.
The program has been shrouded in controversy after a chaotic launch and the revelation that large, public companies had received loans even though the program was designed to help small, vulnerable businesses stay afloat. That prompted the Small Business Administration to issue new guidance that clarifies which businesses are entitled to the forgivable funds.
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Mnuchin Warns Of ‘Criminal Liability’ For Public Companies Taking Small Business LoansThe federal government plans to audit any company taking out more than $2 million from the small business loan program, said Mnuchin—adding that large corporations that wrongfully claimed the money could be subject to “criminal liability” by skleb1234
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Even The LA Lakers Got A PPP Small Business LoanThe Los Angeles Lakers — one of the NBA's most profitable franchises — have returned money they received from a federal loan program intended for small companies. More than 200 public companies are still holding onto money from the program.
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Large companies returning their small business loans amid backlash - Business InsiderPublicly traded companies are now required to return loans under the Paycheck Protection Program. Private ones like Sweetgreen are returning them too.
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A Billionaire Oil Executive Donated To Joe Biden. He Sent The Money Back.The Biden campaign has said it is not accepting money from executives of fossil fuel companies.
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The Federal Reserve Is Changing What It Means to Be a Central BankBy lending widely to businesses, states and cities, the Fed is breaking taboos about who gets money to prop up a frozen U.S. economy, risking a political backlash down the line.
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‘Fate and History’: The Fed Tosses the Rules to Fight Coronavirus DownturnBy lending widely to businesses, states and cities, the central bank is breaking taboos about who gets money to prop up a frozen U.S. economy, risking a political backlash down the line.
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