UPDATE on Paycheck Protection Program abuse

April 22, 2020 |

The abuse of the Paycheck Protection Program (PPP) by larger chains that used loopholes to get federal money ahead of desperate small businesses has not gone unnoticed.

In fact, it might be a good idea for such corporations to follow the example of Shake Shack and give the money back. If they don’t, they’ll face likely investigation in the fall by the Senate Committee on Small Business and Entrepreneurship, according to Florida Sen. Marco Rubio, who is chairman of that committee.

RELATED READING: The Gov. answers important reader concern about "Paycheck Protection

The other senator from Florida has noticed, too. “I am concerned that many businesses with thousands of employees have found loopholes to qualify for those loans meant for small businesses,” Sen. Rick Scott said. “Right now, companies that have not been harmed at all by the coronavirus crisis have the ability to receive taxpayer-funded loans that can be forgiven.”

At this writing, lawmakers finally seem close to a deal on re-funding the program, which was out of money faster than you can say “Wuhan coronavirus.” While they’re at it, how about closing those loopholes, too? How about it, Sen. Rubio?

Rubio Warns of Subpoenas for Companies Abusing PPP

YOU MIGHT ALSO LIKEJust stop with the class warfare rhetoric on "CARES" Act and PPP

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Comments 1-2 of 2

  • timothy canning

    04/23/2020 09:13 AM

    I PAID MY TAXES CAN NOT GET ANY MONEY TO PAID BY BILL NOT UNEMPLOYMENT

  • Julie Price

    04/22/2020 03:44 PM

    I own one of those very small businesses that desperately needed those funds so I won’t have to lay off my 5-person work team. I’m infuriated that banks went after the big businesses do they would make more money on the processing fees. Does ANYTHING work fairly any more???