Paycheck Protection Program Loans In Excess Of $2 Million To Be Reviewed By Federal Agency
The federal agency overseeing the Paycheck Protection Program will be reviewing loans of more than 2 million dollars. Other COVID-19 relief loan programs may also be reviewed. This comes as larger chains are returning their loans after facing criticism for taking money meant for small businesses.
Bill Herrle heads the National Federation of Independent Business in Florida. He’s hoping auditors will catch businesses who are abusing the Paycheck Protection Program (PPP).
“We don’t want to take away from the importance and vitalness from the PPP program, this is what has the best chance of saving hundreds of thousands of small businesses," Herrle says.
He points to a recent CNBC report, saying that $870 million was going to publicly traded companies. Herrle says that amount could have helped about 30,000 small businesses.
“Shame on those people that abused it. We are very much encouraging the SBA to track down these abuses and exact penalties if appropriate,” Herrle says.
He’s hoping the money returned from larger businesses will go back into the PPP and be given to small businesses.