#Paypal ppp loan application disappeared free

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#Paypal ppp loan application disappeared free

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To get flair added to your username, message the moderators. In a bid to get cash out the door quickly, the Treasury and the SBA agreed that borrowers need only to certify in good faith that the information they supplied to lenders and the SBA was accurate.This sub is not for advertisements! Questions and answers about starting, owning, and growing a small business. Treasury Department on Monday - is critical in assessing the success of the program, which Congress created to keep workers on the payroll. That data - released jointly by the SBA and the U.S. Monday’s data provided details on nearly 4.9 million loans, including the number of jobs the borrower said the loan helped them retain. The Paycheck Protection Program, overseen by the Small Business Administration (SBA), allows small businesses with 500 or fewer employees hurt by the economic fallout of the pandemic to apply for a forgivable government-backed loan. “My guess is there wasn’t much rigor that went into the reporting of these jobs figures.”Ī senior administration official said the 51 million figure was an estimate based on the preliminary lender data and that the actual number of jobs saved will be clearer once borrowers have gone through the process of having the loans forgiven. “I’m skeptical of the total number,” said Philip Mattera, a director at Washington-based non-profit Good Jobs First, which focuses on government accountability. Two hundred of those companies reported saving at least 400 jobs with a loan of just $5,000 or less.

That, combined with several of the named companies disputing that they took a loan after the government showed otherwise, cast doubt on the accuracy of the 51 million figure.įor example, a Reuters analysis of the data found that 827 companies reported saving at least 400 jobs with a loan smaller than $150,000. President Donald Trump’s administration touted its $660 billion small business pandemic aid program this week as a “wild success,” unveiling data that showed the initiative saved 51 million jobs.īut there were red flags throughout the colossal data set that suggested some borrowers overstated how many jobs their loan salvaged. (Repeats story first published on July 7 with no changes to the text)