In the early days of the pandemic, the federal government raced to support businesses and consumers undone by Covid shutdowns Now, many PPP borrowers are asking that their loans be forgiven.
For small businesses, PPP was "the lifeline they needed to survive during a once-in-generation economic crisis," SBA Administrator Isabella Casillas Guzman said.
Initially, borrowers did have to certify"in good faith" that the funding was necessary when they applied for loans, taking into account"their current business activity" and their ability to access other sources of capital to support their operations, such as the stock market or deep-pocketed investors.
"Once again, corporate directors and CEOs are the real welfare queens, exploiting loopholes of sloppily drafted emergency legislation," Minow said."This is an outrage." Acme United, a maker of sharpening tools and first-aid kits, is another example. The company, based in Shelton, Connecticut, tapped the taxpayers for a $3.5 million PPP loan in May 2020 and received forgiveness for it in June of this year.
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