Congress is being urged to implement more controls over the loan program meant to aid small business. 🔐
A group of 23 state attorneys general are urging the U.S. Congress to implement more controls over the government loan program meant to aid small business during the coronavirus shutdown, as many benefactors of the program have so far been major companies.
Compounding the frustrations of many small businesses have been reports in recent weeks that operations like The Los Angeles Lakers received a $4.6 million PPP loan, public restaurant chain Shake Shack received a $10 million loan and also public Ashford Hospitality received a $13 million loans. Companies have to apply for a PPP loan. Only when it was made public did these large companies and and many others decide to give the funds back.
“Even the second round of funding looks likely to leave many small businesses underserved,” the AGs added. “The chasm between those who need this money and those able to successfully secure funding undermines the program’s stated purpose of providing emergency relief to all small businesses adversely impacted by the COVID-19 crisis.”
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