The companies are scrambling to give back the Paycheck Protection Program loans before a Monday deadline the administration set for borrowers to return the aid if there’s any doubt they need the money, or else face audits. Hundreds of millions of dollars have been returned by companies that file with the Securities and Exchange Commission. In the past week, organizations including the Aspen Institute think tank, biotech firm 22nd Century Group, mattress fabric manufacturer Culp and medical device company CHF Solutions announced they were relinquishing funds…
The attempt to discourage businesses from seeking the loans if they have access to other funding sources has angered some lawmakers.
“This hurt business owners — good owners — who have executed the correct practices to help build up their savings, credit rating and other aspects of their businesses, while rewarding potentially bad owners for having horrible credit and no cash on their balance sheet,” Rep. Kevin Hern (R-Okla.) told the SBA’s inspector general at a House Small Business Committee event Friday.
