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Trump administration extends deadline to return PPP loans

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Trump administration extends deadline to return PPP loans

a stack of flyers on a table: An employee holds take-out orders at a Shake Shack restaurant in Washington, D.C., U.S., on Monday, April 20, 2020. Shake Shack Inc. will return a $10 million loan from the U.S. government amid criticism that the publicly traded burger chain and other larger companies gobbled up the emergency funding while smaller businesses were frozen out. © Bloomberg An employee holds take-out orders at a Shake Shack restaurant in Washington, D.C., U.S., on Monday, April 20, 2020. Shake Shack Inc. will return a $10 million loan from the U.S. government amid criticism that the publicly traded burger chain and other larger companies gobbled up the emergency funding while smaller businesses were frozen out.

(Bloomberg) — The Trump administration is extending until May 14 the date that companies can return loans from a popular coronavirus relief program without penalty.

The U.S. Treasury Department and Small Business Administration had set May 7 as the date for firms to repay loans from the Paycheck Protection Program, but said in updated guidance posted on Tuesday that it’s extending the repayment date by a week.

Treasury Secretary Steven Mnuchin clarified that the program wasn’t designed for large companies with access to other sources of capital after public outrage that chains like Shake Shack had swooped in to get loans during the program’s initial round of funding. Shake Shack and many others gave the funds back.

Mnuchin noted that companies could be exposed to criminal liability for improperly taking loans and initially gave firms until May 7 to return the money without penalty.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

Source: MSN

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