WASHINGTON вЂ“ U.S. Senators Dick Durbin (D-IL) and Jeff Merkley (D-OR), along with Senators Jack Reed (D-RI), Chris Van Hollen (D-MD), Sherrod Brown (D-OH), and Elizabeth Warren (D-MA), urged the Small Business Administration (SBA) and Treasury Department to reject demands from payday loan providers to achieve eligibility for the Paycheck Protection Program (PPP). The senators warned that payday lenders target the most financially vulnerable Americans by offering predatory loans that charge exorbitant fees and trap people in an endless cycle of debt from which it is nearly impossible to emerge in a letter to SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin.
вЂњHowever, usage of relief that is federal shouldn’t be awarded to people with regularly profited by driving low-income people and families deeper into debt. It will be abhorrent to deliver a lifeline to actors that are financial benefit from hardworking people and families. Taxpayer bucks really should not be utilized make it possible for such misleading and lending that is predatory,вЂќ wrote the Senators.
Complete text for the letter can be obtained right right here and below
Dear Secretary Mnuchin and Administrator Carranza:
Our company is worried by reports that payday loan providers are lobbying to get eligibility for the Paycheck checkmate loans reviews Protection Program (PPP). Payday loan providers are currently ineligible to get small company management (SBA) loans, including PPP loans . Nonetheless, the Treasury Department and SBA happen making use of authority that is administrative Interim Final Rules to modify eligibility demands when it comes to PPP.