Overview
Law360 quoted Jim Barnette in a May 8 article titled "House Panel Pushes Public Cos. To Return Small-Biz Loans." The article discusses how rules set by Congress and the Small Business Administration for the $660 billion Paycheck Protection Program allow some companies with more than 500 workers to seek funds from the program if they are considered small in their industry or under other conditions. Larger companies also have access to massive lending facilities from the Federal Reserve, including the $600 billion Main Street Lending Program.
Barnette tells Law360: "Congress itself wrote the eligibility rules and appropriated the original PPP money. Then it doubled down on its funding in another package a short time later with no changes to those rules."
The full article can be read at Law360 (subscription required).