Posted on 05/07/2020 1:39:13 AM PDT by fluorescence
Treasury Secretary Steven Mnuchin has pushed back on calls to change a key requirement for small businesses to obtain aid under the government’s Paycheck Protection Program, while House Speaker Nancy Pelosi sounds open to loosening it.
Hotel and restaurant groups have criticized a rule that says 75% of the Paycheck Protection Program loan’s proceeds must go toward payroll expenses.
Mnuchin on Monday rejected the requests for a change that have come from those groups and other organizations.
“This is the way the program was designed by Congress, and we think it has the right intent to get the money to employees. I don’t have the flexibility to change that,” he said in an interview on Fox Business Network.
Mnuchin also said he thinks allowing 25% of proceeds for other expenses “is very fair,” adding that “people who say they want to use more money for overhead — they can go out and borrow an EIDL loan,” referring to the government’s Economic Injury Disaster Loan program.
Pelosi, on the other hand, has signaled she might be willing to amend the 75% rule.
“I don’t even know why we have that in there,” the California Democrat said on Tuesday during a virtual townhall. “I guess to make sure people are spending it on employees, but we want to help the business. We don’t want to complicate.”
In a letter to top U.S. lawmakers a week ago, the American Hotel & Lodging Association, whose members include public hotel companies such as Marriott, called for “reducing the payroll threshold to 50% which will allow similar overall levels of support to go to our employees while also better assuring the long-term viability of the hotel as a place of employment.”
(Excerpt) Read more at marketwatch.com ...
How about stopping giving money away, period.
Horrible things happen that can destroy a business, including natural disasters and extreme government regulations and overreach.
It’s the risk you take when you open a business.
Well I guess there’s not much of a risk because a gazillion dollars will get thrown at the problem if something goes wrong
plus graft.
This program made sense as a stopgap measure to enable businesses to keep people paid while they were furloughed temporarily. Once this fiasco extended beyond 3-4 weeks there was no longer a need for it ... because those furloughs are turning into layoffs, and a lot of the employers are going to be out of business.
That this deranged idiot has the power she does never ceases to amaze.
Maybe Christine Blazey-Ford can consult with Nancy on how to get over fear of flying.
Peeelosi wants to give $$$ to illegals and institute vote-by-mail to fraudulently turn the nation over to the marx-o-crats.
“I don’t even know why we have that in there,” the California Democrat said on Tuesday during a virtual townhall.”
She helped pass a bill and she does not even know why something is in the bill. This is what passes for “leadership” in Congress.
“The risk you take when you open a business”
That the government may order you to shutdown and go home?
Seriously?
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