The Small Business Administration released a new PPP Report with approvals through 6/12/2020, still in the second round of funding. Banks and credit unions in Georgia have given out a total of 140,997 loans, totaling $14,042,012,004. This is an increase of 1,782 loans and an increase of $33,850,243 from the June 6 Report.
Due to the requirements on loan forgiveness, the Small Business Administration implemented a rule effective May 28, 2020, to protect employers. If companies reduce the number of full-time employees they have, they may not be eligible for full loan forgiveness. However, companies are protected if they have made employment offers to individuals but the employment offer was declined. Since many people are making more money through the federal unemployment insurance benefits than they normally would by working, they are turning down rehire offers.
This week, Congress is demanding the Department of Treasury to release which companies are receiving PPP loans. Republicans in Congress are saying disclosing information about payroll would be a violation of the Small Business’ privacy, while Democrats are arguing that people have a right to know where the money is going.
U.S Department of the Treasury