Labor/Employment,
Government
May 6, 2020
Businesses sue over Paycheck Protection Program guidelines
New lawsuit questions recent guidelines issued by the U.S. Treasury Department and Small Business Administration reimposing a “credit elsewhere” requirement for borrowers that could drive them to incur more debt.
Guidelines the U.S. Small Business Administration issued to block large or wealthy corporations from taking advantage of the Paycheck Protection Program loans left many deserving companies in a situation where they might have to take on more debt, according to a federal lawsuit.
The purpose of the Coronavirus Aid, Relief and Economic Security Act was to eliminate an SBA requirement that blocks businesses from getting government loan...
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