Kennedy introduces bill to streamline forgiveness for PPP loans up to $100000

04 Décembre, 2020, 02:53 | Auteur: Auguste Feret
  • Department of the Treasury is seen in Washington D.C

Detailed loan information released by the Small Business Administration late Tuesday showed that a mere 1 per cent of the programme's 5.2 million borrowers - those seeking US$1.4 million and above - received more than one-quarter of the US$523 billion disbursed. According to an analysis by NBC News, over 25 loans worth $3.65 million were granted to businesses that are housed within Trump and Kushner properties and that pay them rent.

However, Kimberly Benza, a spokeswoman with the Trump Organization, wrote in an email, "The Trump Organization was specifically excluded from receiving PPP money, per Senate legislation".

Kennedy's bill would also require the SBA Administrator, in coordination with the Treasury Secretary, to provide and certify online calculators that are free and easy to use in order to support lenders and small businesses as they estimate loan forgiveness amounts on PPP forms.

As President Donald Trump reportedly mulls pardons for Donald Jr., Eric, Ivanka, and Ivanka's husband, Jared Kushner-who have not been accused of any crimes, but who Trump believes could become targets for retribution by the Biden administration-new data released by the Small Business Association reveal that the Paycheck Protection Program, the federal vehicle for small business aid during the coronavirus pandemic, supplied millions of dollars to properties owned by the Trump Organization and Kushner Companies. Fifteen of the businesses self-reported that they only kept one job, zero jobs or did not report a number at all.

Among the recipients were Triomphe Restaurant Corp.

The companies that received the maximum US$10 million PPP loan include dozens of restaurant chains such as Ted's Montana Grill, which was started by Turner; TGI Fridays; P F Chang's; Black Angus Steakhouse; and Legal Sea Foods.

Four tenants at the Kushner-owned 666 5th Avenue combined received more than $204,000, and retained only six jobs.

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Another troubling discovery was mismanagement. For months following the initial round of assistance, the SBA withheld the identity of borrowers and the exact amount of their loans, arguing that such information would compromise the privacy of America's small businesses.

The findings immediately raised concerns with government accountability groups.

The Small Business Administration, which ran the program, had sought to keep the loan data confidential, but a federal judge ordered it to be released.

Between April and August, thousands of lenders issued government-backed PPP loans capped at $10 million to small businesses hurt by pandemic lockdowns. Several members of Congress, including some who helped shaped the program's rules, benefited from funds, according to media reports and financial records. "Americans deserved an open, transparent small business aid program when this pandemic started, and any new small business relief program must take a lesson from the abject failures of this one". The loans were meant to be a bridge between the summer and what was hoped to be a better economic and health climate in the fall.

But nearly from the start, the programs, particularly PPP, drew criticism for how they were administered and messaged, and whether it was equitable. The Treasury Department later asked large well-capitalized borrowers to return their funding, though the agency has not disclosed which borrowers have done so.

However the program's spring rollout was fraught with confusion over rules for borrowers, and an early run on the money by large chains and big banks that caused the first pot of funding to run dry in eight days.



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