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Big companies may have to return Payment Protection Program money

Money
Posted at 11:08 AM, Apr 24, 2020
and last updated 2020-04-24 14:08:22-04

Big companies that received loans under the Payment Protection Program may be forced to give it back. The Small Business Administration issued new guidelines for borrowers.

It implies that if eligibility for the loan can't be proven the money should be returned by May 7th. PPP loans are intended for small businesses with 500 or fewer employees.

Money for the loans quickly ran out leaving many business owners waiting for the next round of funding. A report from the Associated Press estimates 147 publicly traded companies took out loans under the PPP.