Part of the HEALS Act. They want “the hardest hit small employers” to get a second loan. ” data-reatid = “16”> On Monday, Senate Republicans announced plans to hold another wave of the Paycheck security program as part of the HEALS Act. They want “the hardest hit small employers”; to get a second loan.
Senior Ben Cardin (D. MD) said most of the time the Republicans made their offer during an interview with Yahoo Finance on Tuesday.
Democratic plan and the Republican plan. “data-reatid =” 22 “> Cardin noted that his democratic plan and the Republican plan have” many similarities. “
interview with Yahoo Finance in May said “8 weeks will not be enough”. Cardin is the lead Democrat on the Senate Small Business Committee, overseeing the Small Business Administration and Program along with old Marco Rubio (R-FL). “Data-reatid =” 23 “> Cardin has long demanded a second wave of PPP loans. In an interview in May, Yahoo Finance said” 8 weeks won’t be enough. “Cardin is a key Democrat on the Senate Small Business Committee, along with old Marco Rubio -FL) overseeing the Small Business Administration and Program.
CARES Act was signed into law in March. It was then given $ 310 billion in additional funding in April. From Monday, the program had provided nearly $ 520 billion in non – performing loans. “data-reatid =” 24 “> The PPP program was created from $ 349 billion when the CARES Act was signed in March, and was then given $ 310 billion. In April, the program had provided nearly $ 520 billion in non-performing loans.
“When in March. Senators Rubio, Cardin, Shaheen and I created this program, and we didn’t even imagine how long the economic closures would take to mitigate the spread of COVID-19, “said Elder Susan Collins (R-ME) in her remarks. Monday.
Under the GSP, loans will be granted to companies with less than 300 employees and whose income has fallen by 50% or more. The cardinal drew attention to one point of negotiation that still needs to be resolved: “There are 300 in the Republican account, 100 or less in our account,” he said.
account summary, borrowers will have to fill out significantly fewer documents, especially for loans up to $ 150,000; however, companies are required to keep their records, as the SBA reserves the right to “review and inspect these loans to ensure the fight against fraud”. “data-reatid =” 48 “> In addition to the second loan option, lawmakers also want to simplify Under the loan process, borrowers will have significantly fewer documents, especially for loans of less than $ 150,000, but businesses must keep their documents , as the SBA reserves the right to “review and verify these loans to ensure fraud.”
In a statement issued shortly after Collins and Rubio spoke, Richard Hunt, president and CEO of the Consumer Bankers Association, called for more information on how the loan repayment process will work. Hunt said the most important part of the current process required significant small business resources, and “Congress needs to improve the language of dismissal by providing completely clear, prescription instructions.”
recently said. “data-reatid =” 50 “> Cardin has pushed the SBA to make the program more transparent.” I look forward to receiving additional information gathered during the loan repayment process so we can better understand how PPE reaches small businesses that lack funds. The community. ” he said recently.
The GS plan also includes new provisions that allow companies to spend PPP money. Old Collins noted that businesses will be able to use the funds for things like improving their HVAC system, buying masks or plexiglass panels, or adding outdoor seating to encourage social alienation.
summary of the plan draws attention to other permissible uses, such as the modernization of human resources or accounting systems or the costs associated with the recent social unrest. “data-reatid =” 73 “> The summary of the plan shall indicate other permitted uses, such as upgrading human resources or accounting systems or costs related to the most recent social unrest.
The GS plan would also provide money for employers with 10 or fewer employees “to ensure that the money does not escape if that group of small businesses does not receive the help they need,” Rubio said recently. Cardin also reported focusing on micro-enterprises with 10 or fewer employees.
Even if both sides agree on the final installment of the PPP loans, the implementation will almost certainly have to wait for a larger and much more complex incentive bill. Senate Majority Leader Mitch McConnell (R-KY) warned the process could take weeks.
August 8 There is a key deadline for legislators focusing on public-private partnerships – the current program will be such that the program will no longer be able to accept new applications. No matter how long I wait, Cardin is optimistic that “if you can bill before the finish line, it will cover the second stage of PPP.”
Coronavirus Stimulus Checks: Many Americans would get more into the second round of VV payments“data-reatid =” 83 “> Coronavir stimulus checks: Many Americans would get more in the second round of GOP payments
U.S. Democrats are pushing for a PPP transparency law: Schumer“data-reatid =” 84 “> U.S. Democrats seek PPP transparency bill: Schumer
The new law would allow small businesses to get a second PPP loan“data-reatid =” 85 “> New law would allow small businesses to get a second PPP loan
Read the latest Yahoo Finance financial and business news“data-reatid =” 86 “> Read the latest Yahoo Finance financial and business news