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Conservative commentator Ben Shapiro criticized the Biden administration's decision to forgive some student loan debt. Liberal social media accounts then falsely claimed Shapiro had received a loan of about $20,000 that had been forgiven as part of the federal Paycheck Protection Program. Two other people with the same name had received PPP loans.
Schumer and Pelosi have been against any “skinny” legislation that is lower than $3 trillion.
The vote was 52-47, and the measure needed 60 votes to pass. The $500 billion bill would include a federal unemployment benefit, Paycheck Protection Program (PPP) funding and additional money for more coronavirus testing. If the bill was passed, money would have been directed to schools. Every Democrat voted against the stimulus package. The only Republican who voted against it was Kentucky Sen. Rand Paul.
Businesses include oil and gas drillers and coal mine operators, an analysis by Documented and the Guardian finds
Excerpt from this story from The Guardian:
More than 5,600 companies in the fossil fuel industry have taken a minimum of $3bn in coronavirus aid from the US federal government, according to an analysis by Documented and the Guardian of newly released data.
The businesses include oil and gas drillers and coal mine operators, as well as refiners, pipeline companies and firms that provide services to the industry.
The Small Business Administration (SBA) on Monday released the data under pressure for further transparency, including from journalism outlets that had sued demanding the public records.
The $3bn figure is probably far less than the companies actually received. The SBA did not disclose the specific amounts of loans and instead listed ranges. On the high end, fossil fuel companies could have received up to $6.7bn. At least 475 fossil fuel companies received at least $2m, according to the data the SBA released that it collected from banks.
This analysis only includes loans over $150,000, because the SBA did not disclose which companies received smaller loans.
Fossil fuel companies are not restricted from taking the forgivable Paycheck Protection Program (PPP) loans, designed to be used to keep paying employees and to cover recurring bills during the pandemic. But environmental advocates say that investing billions in an industry that is polluting the planet and causing the climate crisis is short-sighted and a bad use of public money.
Some GOP lawmakers who benefited from the Paycheck Protection Program also opposed legislation requiring lending transparency.
By Pam Martens and Russ Martens: June 16, 2020 ~
Taxpayers’ money is being used to make the Paycheck Protection Program (PPP) loans. Thus, the public has every right to know the names of the recipients of those loans. Despite originally promising transparency, U.S. Treasury Secretary Steve Mnuchin is now stonewalling Congress on releasing a list of the recipients.
Congress sold the plan to the public on the basis that the loans would go to small businesses with less than 500 employees. The funds were to be predominantly used to keep workers employed and allow the businesses to survive the coronavirus shutdowns.
Instead, our search of filings at the Securities and Exchange Commission reveals that dozens of debt zombie companies that trade on Nasdaq got the loans. Dozens of publicly-traded companies with large credit lines from banks got the loans. Dozens of companies with a lot more than 500 employees got the loans. It’s beginning to look like tens of billions of dollars in PPP loans were simply funneled out the door rapidly with little oversight into who was getting the loans.
After news reports revealed that large, publicly traded companies had taken out PPP loans, the Small Business Administration that oversees the program published this clarification: “Borrowers must also take into account their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is considered unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith.”
Making it more abundantly clear that publicly traded companies were not what Congress had in mind for the PPP loans, members of the House of Representatives Select Subcommittee on the Coronavirus Crisis released a letter that they had sent to Dennis Oates, the CEO of Universal Stainless & Alloy Products, Inc., which had taken out a $10 million PPP loan. The House members told Oates to “return these funds immediately” and explained the Congressional intent for the PPP program as follows:
“When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act with broad bipartisan support, we intended to provide an invaluable lifeline for small businesses that otherwise might be forced to lay off employees or shut down entirely. We did not intend for these funds to be used by large corporations that have a substantial investor base and access to capital markets.”
"I never thought I'd get anything because I am a minority and a woman," said one owner after her loan was rejected.
Flaws in the Paycheck Protection Program are hindering small businesses owned by minorities and by women from securing federal coronavirus relief, according to lending experts and interviews with numerous owners.
Many diverse business owners applied for loans through the Small Business Administration program, only to come up empty because they either didn't qualify or the funds had been exhausted by the time their applications were processed.
"Based on how the program is structured, we estimate that upwards of 90% of businesses owned by people of color have been, or will likely be, shut out of the Paycheck Protection Program," said Ashley Harrington, director of federal advocacy and senior council for the Center for Responsible Lending, a non-profit group that combats abusive lending practices and recently examined the loan program's parameters.
Paycheck Protection Act & Sole Proprietors (Artists and Authors Edition)
You may or may not know that this blog is largely run by disabled mods. I write books, and another mod has an etsy store. While that's not a complete picture, it does make me wonder about this the congressionally approved relief loans.
Many authors are sole proprietorships, and plenty of people who do business alone can apply for these loans starting today (April 10th). But authors and various other freelancers get their pay in funny ways so here's a post of my understanding of what it means for possibly you, or maybe a struggling friend right now.
Key Points
While focusing on businesses with staff under 500 people, self-employees people count starting today (April 10th). It gives people up tp $10,000 dollars in forgivable loans to pay wages.
Loans over $10,000 have a maturity of two years and an interest rate of 1%. (Probably not relevant for you, but good to know for context of the bill itself.)
Borrowers must submit proof money i being used to cover pay. You'll need payroll processor records, payroll tax filings, Form 1099-Misc, income and expenses from the sole proprietorship or bank records. (Most artists and authors have the last 3 in some form.)
The loan you can get forgiven seems to be 2.5 times your average monthly payroll. If you are dirt poor and not making much you can have your pennies multiplied by 2.5. (Hey! More money is more money.) You sadly cannot use the whole $10,000 to pay yourself minimum wage until it's out and have it forgiven.
If a business laid off staff, they have until June 30th to rehire them.
75+% of the business loan most be used for payroll. 25%- can be for any other expense.
It's been suggested you apply at a bank you already are at, but not an absolute necessarity. It's also a first come first serve process so if you think this is something that can help you apply today. [Here's a list of banks you can apply with.]
You can apply if you were a business founded as early as February 2020.
I am not a loan professional, this is simply my understanding based on a business background and an author life. My sources are Investopedia's article here, and CNBC article here.
Personally, I don't think this is a fit for my situation but I wanted to make the details clear for anyone who thinks its a fit for their situation. The kofi is here if you want to support the blog directly.
