SBA Cracking Down on Public Companies Applying for Relief Loans

SBA Cracking Down on Public Companies Applying for Relief Loans

SBA Cracking Down on Public Companies Applying for Relief Loans

Mnuchin has encouraged other companies that "may have not been clear in understanding the certification" to do the same, and he's also said companies that took funding and didn't really need it could be "subject to investigation".

Small businesses can contact a local SBA lender partner in the territory to apply for the Paycheck Protection Program, which include Bank of St. Croix, Merchants Commercial Bank, Oriental Bank, FirstBank and Banco Popular. "The next round of funds must be focused on small businesses, with better oversight and transparency".

The demand - before PPP ran out of funds last Thursday - was extremely high - with 1.6 million loans approved as small business owners struggled to hold on to companies and restaurants as a crushing economic wave caused by the pandemic swept the country and unemployment claims pushed past an historic 26 million people.

The PPP offers loans of as much as $10 million that convert to grants if proceeds are used to keep workers on the payroll and cover rent and other approved expenses for about two months, a stopgap created to help businesses get by until the economy reopens. Other measures Democrats secured in the new legislation include an additional $75 billion for hospitals and $25 billion for a national COVID-19 testing strategy, funding that comes with a requirement that the Trump administration form a "strategic plan" for helping states with testing.

As of April 16, the Lockport Business Recovery Initiative (LBRI) is in effect, and accepting applications for the Small Business COVID-19 Grant and/or Loan Program.

Businesses applying for an EIDL may request an advance of up to $10,000 to be delivered within three days of the request. The funds go to private commercial banks that in turn make loans available to businesses.

In a report this week, the SBA provided a state-by-state breakdown of the Economic Injury Disaster Loans it has approved, showing nearly 27,000 loans for a total of $5.6 billion as of Sunday. "Until every restaurant that needs it has had the same opportunity to receive assistance, we're returning ours".

"We urge small businesses to be vigilant in who they disclose information to and ask them to report potential scammers to the Washington State Attorney General's Office".

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