Some small businesses that received forgivable loans under the Paycheck Protection Program (PPP) say they won’t be able to rehire every employee laid off during the coronavirus pandemic. “There’s no way that I’m getting to 100% employment by the end of 8 weeks,” Joe Walsh,...
The biggest benefactor of the Paycheck Protection Program (PPP) is a Dallas, Texas-based hotelier named Monty Bennett, who has received $59 million from the program intended to help small or medium-sized businesses with the economic crisis. Bennett is the chair of Ashford Hospitality Trust, which...
Trevor Milton, the CEO and founder of Nikola Motor Company, is defending his company’s receipt of $4.1 million from the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP), according to CNBC. While the program is touted by lawmakers and the White House as a lifeline...
U.S. small businesses have been waiting on pins and needles for Capitol Hill to determine the future of the Paycheck Protection Program (PPP), and now they’ve gotten their answer. The Senate has voted by unanimous consent to allocate another $484 billion in an interim relief...
While the Payment Protection Program (PPP) was aimed in part at mom-and-pop businesses – and is run through the Small Business Administration (SBA) – it has come under fire for making loans to larger corporations. According to a Bloomberg News report, JPMorgan’s loan processing favored...
The Senate has passed a new $484 billion coronavirus relief package, including more than $300 billion in additional funds for the Paycheck Protection Program (PPP) designed to bail out small- and medium-sized businesses (SMBs), according to CNBC. The plan will now go to the House of...
U.S. Senate Minority Leader Chuck Schumer (D-New York) said on Tuesday (April 21) that “we have a deal” on a new $300 billion-plus package of Paycheck Protection Package (PPP) loans for small and medium-sized businesses, although Republicans say it isn’t quite final. “We have a...
The biggest banks in the U.S. were reportedly in talks with the Treasury on Monday (April 20) over the next round of Paycheck Protection Program (PPP) funding and how to best ensure it gets into the bank accounts of small businesses needing it most. The...
Small businesses struggling to stay afloat were supposed to reap the most benefits from the federal Paycheck Protection Program (PPP). Instead, millions went to public companies worth millions, businesses with thousands of employees and even to some firms that were about to fold before the...
