Mnuchin says U.S. to audit virus relief loans after outcry

Mnuchin | April 29, 2020

The United States will audit government-backed loans intended to relieve small businesses hit by the coronavirus to ensure they weren't taken out by large companies, Treasury Secretary Steven Mnuchin said on Tuesday, April 28.
The Paycheck Protection Program (PPP) was part of a $2.2-trillion stimulus package passed by Congress late in March to blunt the pandemic's impact on the economy, and is supposed to lend money to businesses with fewer than 500 employees.
But the initial $349 billion allocated was exhausted in less than two weeks, and news that large companies like upscale burger chain Shake Shack and the owners of the Ruth's Chris steak houses chain took money from the program sparked outrage.
Speaking on CNBC, Mnuchin said the Small Business Administration (SBA) would be reviewing the loans, which convert to grants if companies maintain their employees or rehire laid-off workers by June 30, and use three-quarters of it on wages.

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EBLUXE HAIR, A SMALL BUSINESS WITH A BIG HEART

EBLUXE HAIR | December 20, 2022

The generosity of one small business has warmed the hearts of many. This holiday season EBLUXE HAIR held their first annual "Nominate a Family in Need" campaign and was able to give back over $1,000 to those within their community. The gratitude we received was priceless, This is something we want to continue in the future, and with the support of sponsors and donations we can have an even greater impact next year. owner Tee Johnson. It is such a good feeling to be able to give back," added Johnson's daughter Sierra. "I know there are individuals who are struggling; it is truly liberating to know that we were able to make their holiday better.We commend this small business owner for their generosity and applaud them for having a giving spirit. Their act of kindness is a reminder of what the holidays are all about. EBLUXE HAIR & EBLUXE CARES The mother-daughter duo behind EBLUXE HAIR continues to provide consumers with Hair Extensions that are like no other and are of the highest caliber. Their recently founded non-profit EBLUXE CARES, is a 501c3 whose mission is to empower teens and cancer thrivers (those living with cancer) to rediscover what it means to live, while learning to celebrate and accept oneself completely.

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The Xero Small Business Insights programme provides unique, regular, and timely data showing how small businesses are performing and the important role they play in our community. Xero Small Business Insights seeks to shine light on small businesses around the world to help improve understanding amongst governments, researchers, advisors and small businesses themselves.

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