Posted on 07/20/2020 1:16:19 AM PDT by Enlightened1
Treasury Secretary Steven Mnuchin on Friday called on Congress to work with the Trump administration to pass additional coronavirus relief legislation by the end of the month and suggested that lawmakers should consider blanket forgiveness of all small Paycheck Protection Program loans to businesses.
Additional aid should be targeted to those hardest hit: In his prepared testimony before the House Committee on Small Business, Mnuchin said he anticipates that the next round of relief will be “targeted to certain industries, smaller businesses, and lower- to middle-income families that have been especially hard-hit by the pandemic.” He added: “Our focus will be on jobs and getting all Americans back to work.”
Forgive all ‘small’ PPP loans? Mnuchin said that the next phase of relief should extend the $660 billion Paycheck Protection Program and allow businesses to get a second round of loans, but again called for the aid to be more targeted to smaller companies and industries suffering most from the pandemic, including as restaurants, hotels and other travel and hospitality businesses. “I think this time we need to have a revenue test and make sure that money is going to businesses that had significant revenue declines,” he reportedly said.
In response to a question about how the loan process could be simplified, Mnuchin suggested that the government should consider forgiving all “small” loans without verifying how the borrowed money was spent. “We should consider forgiving all small loans, but would need fraud protection,” Mnuchin said.
PPP borrowers may qualify to have their low-interest loans turned into grants if they meet certain criteria, including verifying that at least 60% of the funds went toward paying employees. Loans can also be partially forgiven if borrowers don’t meet that threshold.
(Excerpt) Read more at news.yahoo.com ...
Yeah, after all it isn’t THEIR money flushed down the toilet; Just that of the poor beleaguered taxpayers and the next generations.
Absolutely they should forgive it for SMALL, private companies. Until our stinking, rotten congress shuts down the border to illegals, cuts off welfare to leeches, defund planned parenthood, and eliminate the thousands of other leftist programs we pay for, they should continue to help our own. And if they eliminate the $600 a week from unemployed workers while this nation is still reeling from the Wuhan flu, DJTs reelection will get much harder.
no one is stuck with the bill because it’s not possible to pay off 27 trillion when you are adding a trillion a year. And read the thread beneath you. Some people here still think the $600 unemployment and forgiveness of debt is a good idea.
they are naive enough to think it will just be small private companies that get their debt forgiven. What a joke. Criminal enterprises and politicians are making a fortune off of this.
Well I repeated myself there
The next time a politician takes a nickle away from an illegal welfare slug, let me know.
Perfect!
The additional $600 should go away but I think any PPP loan under $100,000 should be forgive, the amount the calculated was based on 10 weeks but they only allowed 8 weeks for forgiveness. That money went to pay the wages of people who for the most part were unable to work full time. I’m not in favor of another round of PPP but I am in favor of some kind of tax breaks for these small businesses.
They just st need to open the economy back up. Let people go back to work..
Unfortunately some of these businesses are done; the rents/mortgages/property tax payments weren’t forgiven. Herein the NYC metro area they are very high.
There was a news story a few weeks back about a barber shop in NYC re-opening - and the landlord showed up on the first day with a bill for several months’ rent. The business owner said he could recover going forward but had no way to deal with those bills in arrears.
Some will open a new business elsewhere. The landlords are shortsighted because demanding rent of someone who can’t pay is insane. It’s not like there are dozens of people lining up to take that space and an empty building doesn’t pay the landlords mortgage.
There is an idea for a tax break for landlords who forgive rent payments.
Well, Mnuchin is a Democrat, after all.
I know lots of small businesses in my neck if the Upstate NY that have closed during this cluster.
None are coming back.
They will. Once an entrepreneur always an entrepreneur. Not right away, but they will because deep in their souls that’s what they are. That is where the government should be there, small business leaders and for those who were destroyed by this virus and the stupidity of Democrat politicians
What could go wrong with the current policy?
They don’t even have the rules on how forgiveness is going to work....
“The Treasury Department and SBA are reportedly grappling with how to process millions of likely applications for loan forgiveness.”
“The administration has yet to open an online portal for banks to apply for loan forgiveness on behalf of borrowers, but Small Business Administration chief Jovita Carranza said Friday she hoped it would be ready by next month. Some lawmakers and small-business advocates have complained that the forgiveness application process is too complicated. “We’re going to have a very robust process to review loans before loans are forgiven,” Mnuchin reportedly said Friday. “In the forgiveness process, people will be required to provide much more data and that data will be released.”
“
Perhaps we should open up the economy and let people earn paychecks.
So funny. If you do not think he is mouthing what the president is thinking - you are kidding yourself. Trump's number one hole card is the economy. These guys are on the same page - therefore - this is TRUMP's idea as much as his.
Anything that comes out of Mnuchin's mouth came out of Trump's brain - or was run by Trump and got the stamp of approval. If you think that is not true - you are a fool - or delusional. So - by your own admittance - Trump is a democrat when it comes to economics.
I suspect part of the reason Mnuchin said this is because the Fed’s don’t have enough staff to investigate, prosecute or pursue recovery of misspent funds.
Chill, clown. My point was, who better than a Democrat to make the comment?
I agree it is short-sighted, but of the landlord is on the hook for the property taxes I understand why they need the rent in arrears. Think of these rent payments as the landlords’ “pay checks”, and make them whole as the Paycheck Protection Program did for workers.
[The landlords are shortsighted because demanding rent of someone who can’t pay is insane. It’s not like there are dozens of people lining up to take that space and an empty building doesn’t pay the landlords mortgage.
There is an idea for a tax break for landlords who forgive rent payments.]
And they f banks give leeway....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.