House Oversight Committee forms panel to get faulty PPP loans back

House Oversight Committee forms panel to get faulty PPP loans back

House Oversight Committee forms panel to get faulty PPP loans back
Reading Time: < 1 minute(Last Updated On: May 10, 2020)

In response to public and institutional outcries over Paycheck Protection Program funds going to chain restaurants and publicly traded corporations, the House of Representatives has formed a new coronavirus oversight panel.

Already, the new oversight panel has issued letters to 5 companies requesting that they return PPP loans “so that these funds may be used to support truly small businesses that are struggling to survive during the coronavirus crisis”, the letter reads.

Encouraging as it is to see the government taking the necessary measures, some are saying that it’s too little too late.

The letters, sent on Friday May 8, were issued to Quantum Corp, Evo Transportation & Energy Services, MiMedx Group, Gulf Island Fabrication, and Universal Stainless & Alloy Products.

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