UPDATED 8:47 AM PT — Monday, July 20, 2020
Government contractors are coming under fire for reportedly receiving Paycheck Protection Program (PPP) loans while still getting paid.
A new analysis by the Wall Street Journal, released Sunday, revealed at least 68 Florida companies received both government contracts and PPP loans despite having active state projects. The approved loans valued to about $150, 000 despite existing contracts dated back to April.
Treasury Secretary Steve Mnunchin has suggested tougher PPP restrictions to ensure checks are going to the right businesses.
“A next phase of relief should extend the PPP, but on a more targeted basis for smaller companies and those that are especially hard hit,” he stated. “Such as restaurants, hotels, and other travel and hospitality business.”
President Trump’s Paycheck Protection Program has saved 51 million jobs in local communities around the country during the coronavirus pandemic.
From Pennsylvania to Texas, small businesses have been able to keep employees on the payroll. pic.twitter.com/Jg52xM6YGv
— Trump War Room – Text TRUMP to 88022 (@TrumpWarRoom) July 13, 2020
Over the weekend, several New York companies were also accused of running a Ponzi scheme using PPP loans.