CHARLESTON, S.C. (WCBD) – The Kiawah Island Community Association announced on Thursday afternoon their decision to return a $1 million loan from the Paycheck Protection Program (PPP).
The program was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as a means of providing economic assistance to small businesses negatively impacted by COVID-19.
“I am incredibly disappointed that Kiawah Island Community Association took advantage of a program that was designed to offer a lifeline to struggling small businesses,” he said. “When Congress approved spending billions of dollars of taxpayer money to help small businesses and their workers survive this crisis, it wasn’t meant for giant corporations with deep pockets or wealthy community associations with millions of dollars in reserve funds.”
After the association announced that they would be returning the loan, Cunningham said:
“I’m glad to see Kiawah Island Community Association do the right thing and return the $1 million PPP loan they received. Congress approved the spending of billions of dollars in taxpayer money to help small businesses weather this storm and keep paychecks going to their employees, not pad the pocketbooks of giant corporations or wealthy community associations that have millions of dollars in reserve. We must now get this money into the hands of the Lowcountry small businesses and workers who desperately need relief.”