Blumenthal Calls on Treasury & SBA to Immediately Issue Delayed Guidance to PPP Recipients

[WASHINGTON, D.C.] – Responding to many personal calls and texts from small business owners, U.S. Senator Richard Blumenthal (D-CT) called on the U.S. Treasury Department and Small Business Administration to immediately release critical guidance to small businesses as they seek to use their Payment Protection Program funds in a manner that ensures their loans are forgiven as Congress intended in the CARES Act:

“The absence of guidance from the SBA has forced businesses to use the proceeds of the loan for weeks with no guidance – essentially flying blind. Many small businesses are barely hanging on as a result of this public health crisis. They survived a long application process and obtained a business-saving loan, which they will not have to repay if they are compliant with currently unspecified SBA requirements. Small businesses deserve much better treatment from the primary federal agencies charged with providing financial aid. I call on the Department of the Treasury to release long overdue guidance immediately. Action is needed now. Delay is not an option.”

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