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A government agency cannot change the terms of Congress's COVID-19 relief bill

Source: thehill.com - Apr 16, 2020

Last week, the federal government launched the Paycheck Protection Program (PPP), a new loan program intended to help small businesses that have partially or fully shut down because of the COVID-19 pandemic. The program’s initial roll-out didn’t go well; many banks delayed or refused to accept loan applications. But fixing these issues does nothing to address the far greater concerns over government agencies’ ability to implement legislation.

The new loan program is a part of the Coronavirus Aid, Relief and Economic Security Act (CARES) passed by Congress in March to stimulate a pandemic-crippled economy. The PPP makes low-interest loans available to small businesses to help keep them afloat during the next few months. If a small business complies with certain conditions, the loan will be partially or fully forgiven.

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Category: General Business