Most publicly listed companies keep coronavirus small business loans

Henrietta Brewer
June 1, 2020

Kuster is a co-sponsor of this legislation which provides flexibility to the Paycheck Protection Program to make critical funds more accessible to small businesses that are facing economic challenges due to the COVID-19 pandemic.

Congressman Ben Ray Lujan also supported the bill, which passed the House 417-1.

If small business owners want to apply for full loan forgiveness, they must show 75 percent of the loan was used on payroll and the other 25 percent was spent on qualified expenses like rent or utilities.

"By changing the terms of use and repayment for PPP loans, New Mexico's small businesses now have the flexibility they need to help keep their doors open and staff employed while avoiding being saddled with debt", said Torres Small.

Those are likely to get a closer look from the US Small Business Administration, which has pledged to review all Paycheck Protection Program loans larger than $2 million to ensure the rules were followed. As of today, over 4.4 million PPP loans have been distributed to small businesses across America, with 286,743 PPP loans totaling over $37 billion distributed to NY small businesses. "Transparency is essential to accountability, and I urge my colleagues reconsider taking up this legislation". This vital loan program has provided billions of dollars in forgivable loans to small businesses in NY.

Extend loan terms from two years to five years. Receiving both should not be considered double-dipping.

The site enables small businesses to generate their Paycheck Protection Program forgiveness applications through an online wizard. This month, Rep. Kuster joined the rest of the NH delegation in sending a letter to Secretary Steven Mnuchin calling on the Treasury to adjust the PPP so that it can more effectively serve the needs of Granite State small businesses.

Other reports by iNewsToday