US lawmakers blast five large corporations for taking $50 million meant for small businesses. Only one is returning the money.
. Business Insider has reached out to the other four companies that received letters — and received a $10 million loan — and will update this post if comment is received.
If the companies addressed by the committee opt to not return the money by May 11, lawmakers want to see "all documents and communications" between them and the Small Business Administration in order to prove their need for the funds and appropriate usage. "Congress did not intend for these funds to be used by large corporations that have a substantial investor base and access to capital markets," the lawmakers' said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How much US home prices will drop over the next year - Business InsiderAccording to BofA, lower home prices will result from lower household incomes, with the typical income 2% lower than forecast before the pandemic.
Read more »
How the coronavirus could kill the US bail bond businessCrimes and arrests are down nationwide during the pandemic as people obey stay-at-home orders and police departments reduce operations. This has led many bail bond companies to lay off entire staff.
Read more »
U.S. small business rescue program ignored Congress: watchdogThe U.S. government's $660 billion program to rescue small businesses hit by the coronavirus pandemic thwarts the intention of Congress by making it hard for some borrowers to convert loans to grants and failing to prioritize the right businesses, a government watchdog said on Friday.
Read more »
7 safety differences between US and overseas airlines - Business InsiderWhat may be permissible on a US airline may not be the case for one overseas as each country and airline decides its own rules for air travel.
Read more »
Leaked email: Elon Musk says Tesla will resume production at US plant - Business InsiderTesla's Fremont, California ,car factory stopped making vehicles on March 23 following a local shelter-in-place order issued because of the pandemic.
Read more »
Restaurant owner opinion: CARES Act sets us up to fail - Business InsiderI'm a restaurant owner who will probably return my government-relief loan because it’s essentially useless. Here's why and what needs to happen instead to save my business and the industry.
Read more »