The distinction between what’s legal and what’s moral can be decidedly gray.
—in no small part because they are administered by the U.S. Small Business Administration . But at the same time, if the government makes larger companies eligible, it’s also easy to see why they also applied.
. But defining gray areas is part of the point of government—and now, the feds are asking all big businesses to give their SBA loans back… or face “severe consequences.” The answer explains that “all borrowers must assess their economic need for a PPP loan,” and though “the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere … borrowers still must certify in good faith that their PPP loan request is necessary.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
More U.S. companies return payroll loans after new Treasury guidanceU.S. companies on Thursday began refusing government loans they were just awarded, after the Treasury Department said that publicly traded firms would have a hard time proving they really needed the coronavirus relief funds.
Read more »
Treasury gives public companies 2 weeks to give back PPP loans: report - Business InsiderPublicly traded companies have 2 weeks to give back loans intended for small businesses or potentially face 'severe consequences,' Treasury Department reportedly says
Read more »
Treasury says public companies should repay their PPP loansWhen the $349 billion Paycheck Protection Program quickly ran dry, big companies that landed large loans drew the ire of small businesses and their advocates. Some have announced plans to return the funds. Now the government is hoping the others pay up.
Read more »
Stimulus Loans Aren’t a Cure-All for the Few D.C. Restaurants That Have ThemPPP loans aren’t a cure-all for the few D.C. Restaurants that have them (Via Eater_DC)
Read more »
Ruth’s Chris Steak House Returns $20 Million PPP Loan Amid Public Backlash As Treasury Issues New GuidanceA firestorm of public backlash and new guidance from the federal government related to the embattled Paycheck Protection Program prompted Ruth’s Chris Steak House to return a $20 million loan by theothersarahh
Read more »
Large Public Companies May Be Shut Out Of New PPP Funds After Shake Shack Fallout71 publicly traded companies received PPP loans before its original $350 billion in funding ran out last week, Forbes found.
Read more »