Chase Bank prioritizes LARGE INDEBTED businesses over small businesses for PPP loans

4 years ago
13

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Sources:

Ruth's getting PPP loan: http://archive.is/es9Hz

American Institute of CPAs interpreting bill text to include employer side payroll taxes: https://www.aicpa.org/press/pressreleases/2020/aicpa-coalition-recommends-ppp-applicants-use-gross-payroll-approach-in-calculations.html

Bank of America trying to only issue loans to customers with pre-existing bank debt: https://www.shootonline.com/newsbriefs/bank-america-only-allows-small-business-customers-existing-loans-credit-lines-and

Treasury department clarification 3 days after program was released that employer payroll tax NOT part of payroll costs: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

Ruth's Hospitality Group net profit: https://www.sec.gov/ix?doc=/Archives/edgar/data/1324272/000156459020007328/ruth-10k_20191229.htm

Bank/government lack of preparedness for PPP: https://twitter.com/RepDonBeyer/status/1246125962762354688

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