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.
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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.
