GOP Senator Rick Scott Proposes Amendment to Paycheck Protection Program
GOP Senator Rick Scott, who represents the state of Florida, wants an amendment to the Paycheck Protection Program before more money is infused into it.
Article from The Hill:
“Unfortunately, millions of taxpayer dollars are not making it to the small businesses truly in need. As Congress comes to a final agreement, I am urging my colleagues to make two critical reforms that I am fighting for,” Scott said in a statement.
AdvertisementScott’s proposed changes to the program would require a business to demonstrate a “substantial reduction in revenue” due to the coronavirus in order to qualify for the Paycheck Protection Program, which was intended to provide loans and grants to businesses with fewer than 500 employees.
But lawmakers have fumed over reports that large chain hotels and restaurants have been able to qualify for the small-business assistance because of an exemption that let them apply as long as one location did not have more than 500 employees.
“My amendment makes sure PPP loans will only be available to businesses that show a substantial reduction in revenue due to the Coronavirus. We shouldn’t be sending taxpayer money to businesses that haven’t been harmed by this crisis and we need to ensure funding goes to the businesses truly impacted,” Scott said on Tuesday.
Scott wants loans dispensed by lenders on a first come first serve basis as well.
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Such as the 9million grant to Harvard University who have a 40Billion fund ??
Yes there were abuses, and those need to be corrected.
But the success of this program is linked to its speed and ease of application. If you start making things too complicated, one more time it’s the small businesses who will lose.
They’re so busy just trying to survive, there is no way they can “justify significant losses of revenue. Only big businesses have the staff and resources to produce this kind of financials in a timely manner!