Steube Urges U.S. Department of Treasury to Request Large Revenue Corporations Return PPP Funds
WASHINGTON, D.C.—U.S. Representative Greg Steube (R-Fla.) sent a letter to U.S. Department of Treasury Secretary Steve Mnuchin requesting him to return money to the Paycheck Protection Program (PPP) from the first tranche that was given to Large Revenue Corporations.
“The Paycheck Protection Program is vital to the continuation of many small businesses across the country,” Steube said. “Corporations with alternative financing mechanisms took the loans first, and as a result, honest businesses are having to shut their doors. They should return this money and the federal government should create guidance to prevent this from happening again.”
The Paycheck Protection Program’s intention is to provide relief for small businesses in response to the COVID-19 economic shutdown. Without this funding, many small businesses would be forced to close their doors. After only 13 days, this vital program ran out of funding. Concerns about the whereabouts were raised after reports that Large Revenue Corporations were taking advantage of this aid intended for small businesses.
The Paycheck Protection Program received over $321.335 billion in additional funding with the recent passage of the Paycheck Protection Program and Health Care Enhancement Act .
You can read the full text of the letter here.