MOUNT PLEASANT, S.C. (WCBD)- Representative Joe Cunningham has heard constituent concerns regarding qualifying for loans from the Paycheck Protection Program (PPP).
He and other lawmakers are calling on the Small Business Administration (SBA) and the Department of Treasury for clarification on eligibility requirements.
The PPP is a $349 million dollar package included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is designed to “provide cash flow assistance for businesses under 500 employees through 100% federally guaranteed loans to small businesses to maintain their payroll and pay their bills during this emergency.”
Many small business owners are complaining that individual lenders (banks) have been refusing to provide loans to businesses that are not existing clients.
The lawmakers said that they were “shocked and disappointed” to learn of the additional requirements being demanded by some lenders. They are asking the SBA and Department of Treasury to “provide additional guidance to PPP lenders that would clarify eligibility requirements and encourage lenders to provide PPP loans to all eligible businesses.”