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        <title><![CDATA[GOP senator: 'Millions of dollars are being wasted' in coronavirus small business fund]]></title>
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        <link>https://usagag.com/2020/04/20/gop-senator-millions-of-dollars-are-being-wasted-in-coronavirus-small-business-fund/</link>
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            <media:title type="html">GOP senator: 'Millions of dollars are being wasted' in coronavirus small business fund</media:title>
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        <content:encoded><![CDATA[<p>Sen. Rick Scott (R-Fla.) said Monday that Congress needs to make 
changes to a program that provides aid to small businesses, arguing that
 larger companies and those that have not been hurt by the coronavirus 
are receiving assistance.</p><p>Scott pointed to reports that large 
chain stores and restaurants had qualified for loans under the Small 
Business Administration&#8217;s Paycheck Protection Program (PPP), which is 
meant to provide loans and grants to companies with fewer than 500 
employees.</p><p>“I am concerned that many businesses with thousands of  employees have found loopholes to qualify for these loans meant for  small businesses. Unfortunately, when it comes to the PPP, millions of  dollars are being wasted,&#8221; he said in a statement.</p><p>&#8220;Right now, companies that are not being harmed at all by the 
Coronavirus crisis have the ability to receive taxpayer-funded loans 
that can be forgiven. That’s wrong, and it takes money out of the hands 
of those Americans who really need it,&#8221; he added.</p><p><a rel="noreferrer noopener" href="https://www.buzzfeednews.com/article/davidmack/coronavirus-small-business-loans-big-companies-potbelly" target="_blank">BuzzFeed News</a> reported last week that the sandwich chain Potbelly and Ruth&#8217;s Chris  Steak House have received loans of $10 million and $20 million,  respectively. Shake Shack announced over the weekend that it would return a $10 million loan.</p><p>The
 chains said they were able to apply for funds because the program 
allows them to do so as long they don&#8217;t have more than 500 employees at a
 single location.</p><p>Scott is also calling on Congress to &#8220;clarify&#8221; 
that PPP assistance should only be available to businesses that can 
&#8220;show a substantial reduction in revenue due to the Coronavirus.&#8221; Scott 
also wants Congress to&nbsp;specify that banks cannot add qualifying 
requirements for the PPP funds beyond what was included in last month&#8217;s 
$2.2 trillion bill.</p><p>Congress provided $349 billion for PPP funds,  but that money ran out late last week amid high levels of demand as the  coronavirus has forced businesses to scale back or close altogether.  Congressional negotiators and Trump administration officials are closing  in on a deal on an interim bill that would provide an additional $250  billion in PPP funding and an additional $50 billion to $60 billion for  small banks.</p><p>They are hoping to reach an agreement Monday, which would allow 
Congress to pass the measure within days. But sources told The Hill that
 negotiations were still ongoing as of Monday morning.</p><p>The Senate 
has a pro forma session scheduled for Monday at 2 p.m.; after that they 
aren&#8217;t expected to be in session again until Thursday.</p><p>Treasury Secretary Steven Mnuchin  was asked during an interview Sunday on CNN&#8217;s &#8220;State of the Union&#8221;  about reports that chains were having easier access to PPP funds.</p><p>&#8220;Let
 me say, the majority of these are going to small businesses. And I 
heard straight from my local cleaners and other areas that were really 
pleased they were able to get these loans quickly,&#8221; Mnuchin said.</p>]]></content:encoded>
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