That left things wide open for larger businesses with multiple locations. Mnuchin has encouraged other companies that "may have not been clear in understanding the certification" to do the same, and he's also said companies that took funding and didn't really need it could be "subject to investigation". "The next round of funds must be focused on small businesses, with better oversight and transparency".
The guidance was issued after small businesses complained that large, publicly traded companies and big chains such as Shake Shack Inc. were getting loans while they were shut out in the initial $349 billion in funding for loans. High-end cruise ship and travel company Lindblad Expeditions Holdings, which had $137 million cash on its balance sheets in late March, received a $6.6 million loan.
The U.S. Small Business Administration, which has been administering the program, said last week that 4,400 of the approved loans exceeded $5 million, although the typical loan was $206,000.
Netflix gains more customers, posts profit for Q1
The prerecorded earnings interview with Netflix's senior execs was moderated by Guggenheim Securities analyst Michael Morris. The company posted diluted earnings per share of $1.57, below the $1.65 consensus, according to IBES data from Refinitiv.
Businesses approved for PPP loans were told they could keep the money so long as they keep employees on their payrolls for at least eight weeks after receiving the loan, a stipulation aimed at preventing unemployment rates from continuing to climb. "In addition, Congress should clarify implementation to resolve issues with added limits and requirements that are not in accord with legislative intent".
Lendsmart's AI-powered technology gives community banks and credit unions an end-to-end solution to automate and digitize the SBA PPP loan process, making the application easy for small businesses and allowing financial institutions to increase the number of loans they are able to process. There would be $100 billion for health care, with $75 billion to hospitals and $25 billion to boost testing for the virus, a key step in building the confidence required to reopen state economies. "Many of these companies are stuck in limbo waiting for this additional funding".
At the Lockport City Council's regularly scheduled meeting on April 15, 2020, the city council authorized the Small Business COVID-19 Grant and/or Loan Program, by approving Ordinance No. 20-008.
COVID-19 patients recovering quickly after getting remdesivir, an experimental drug
Gilead , which is conducting its own trials of the drug, did not immediately respond to Reuters' request for comment on the latest suspension.
Senate Small Business Committee Chairman Marco Rubio, R-Fla., noted that the sheer volume of lenders now approved to make PPP loans, coupled with applications already pending, would mean a swift depletion of funds.
Thanks to that distinction, Shake Shack was able to apply for and receive a $10 million loan, the maximum size under the PPP.
22 confirmed, 4 probable COVID-19 cases in Hancock County
So far, 54 percent of acute-care beds are occupied, 49 percent of ICU beds are occupied, and 23 percent of ventilators are in use. Friday, there was one patient at Lawrence's hospital with COVID-19 and one other who was under investigation for the virus.