© 2023 WFSU Public Media
WFSU News · Tallahassee · Panama City · Thomasville
Play Live Radio
Next Up:
Available On Air Stations

Paycheck Protection Program Loans In Excess Of $2 Million To Be Reviewed By Federal Agency

100 dollar bills.
Pepi Stojanovski
The agency overseeing the Paycheck Protection Program will review all loans in excess of $2 million.

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.

Robbie Gaffney graduated from Florida State University with degrees in Digital Media Production and Creative Writing. Before working at WFSU, they recorded FSU’s basketball and baseball games for Seminole Productions as well as interned for the PBS Station in Largo, Florida. Robbie loves playing video games such as Shadow of the Colossus, Animal Crossing, and Final Fantasy Crystal Chronicles. Their other hobbies include sleeping and watching anime.