April 23, 2020

U.S. Sen. Todd Young Says Big Companies Should Return Federal PPP Funding

Original story from   IPBS-RJC

Article origination IPBS-RJC
Sen. Todd Young (R-Ind.) says the federal Payment Protection Program funding is meant for small businesses – and big companies that received some of the money should return it.  - Screenshot of Zoom call

Sen. Todd Young (R-Ind.) says the federal Payment Protection Program funding is meant for small businesses – and big companies that received some of the money should return it.

Screenshot of Zoom call

U.S. Sen. Todd Young (R-Ind.) says the federal Payment Protection Program, or PPP, funding is meant for small businesses – and big companies that received some of the money should return it.

The PPP is meant to help small businesses keep employees on the payroll and cover their bills. And Young says it looks like that’s where most of the money is going.

“Because the average national loan is right around the $200,000 range and most of the loans are $150,000 or less,” Young says.

READ MORE: Can I Go For A Walk? Here's What The Updated 'Stay-At-Home' Order Really Does

Join the conversation and sign up for the Indiana 2020 Two-Way. Text "elections" to 73224. Your comments and questions in response to our weekly text help us find the answers you need on COVID-19 and the 2020 election.

LEE MAS: ¿Puedo Salir A Caminar? Esto Es Lo Que Significa Una Orden De Permanecer En Casa

But some publicly traded companies received those funds, including sporting goods company Escalade, Inc., Emmis Communications and Hallador Energy in Indiana. Young says they should return the money.

“I do think that there will be some public resistance towards those companies and those individuals who are tapping into a finite amount of money,” Young says.

Congress is set to refresh PPP funding in its latest relief package.

Contact Brandon at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.

This is a rapidly evolving story, and we are working hard to bring you the most up-to-date information. However, we recommend checking the websites of the Centers for Disease Control and Prevention or the Indiana State Department of Health for the most recent numbers of COVID-19 cases.

Support independent journalism today. You rely on WFYI to stay informed, and we depend on you to make our work possible. Donate to power our nonprofit reporting today. Give now.

 

 

Related News

Slain Indiana officer's fiancée recalls her life at funeral
Jupiter to be closest, brightest Monday night
Mayor awards certified vendor of the month to Liftoff Creamery