Paycheck Protection Program recipients say the Treasury Department shouldn't be able to change the rules after loans were made.
Following complaints from business groups about changing rules and confusing guidelines, the Senate on Wednesday unanimously approved a fix to the popular Paycheck Protection Program program, which was created to help small businesses survive during the COVID-19 pandemic.
“Businesses, individuals and state and local governments should be held to account for complying with the rules and guidance as they existed at the time of their action, not as subsequently modified,” said Neil Bradley, the chamber’s chief policy officer.Under the new Senate fix, which had previously been passed by the House, many of the business owners’ concerns will be addressed. It will give businesses up to 24 weeks to spend the money before having to pay it back.
The guidance from the agencies was “fragmentary” and “let lenders fend for themselves” in crafting the application process, and in some cases was contrary to what Congress explicitly outlined as the parameters for the loans, Wilkinson said.“Is it any wonder why borrowers and lenders are questioning whether Treasury has set everyone up to fail?,” Wilkinson said.
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