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04-23-2020, 12:47 PM #37
- Join Date
- Aug 2016
- Posts
- 486
So the big companies that are publically traded are getting a mulligan (as long as they take it within 2 weeks)....
This is crazy! I didn't have any faith that this was going to pan out right in the 1st place....
https://www.cnbc.com/2020/04/23/us-i...get-funds.html
US issues new guidance for small business loans, pressures public companies to return funds
Companies applying for coronavirus relief funds must certify that the loans are necessary and that they cannot tap other sources of funding, the SBA said. By definition, public companies have access to the capital markets. For instance, Shake Shack returned the $10 million it got through the PPP after it sold $150 million in new shares.
In a key detail, the SBA indicated that large public companies who tapped the PPP before the rule change can avoid scrutiny by returning the relief loans in two weeks.
https://www.cnbc.com/2020/04/23/us-i...get-funds.htmlLast edited by Winning; 04-23-2020 at 12:56 PM.
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