WASHINGTON – 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 company management (SBA) and Treasury Department to reject needs 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.
“However, use of federal relief programs really should not be provided to people with regularly profited by driving low-income individuals and families deeper into debt. It might be abhorrent to give you a lifeline to actors that are financial benefit from hardworking people and families. Taxpayer bucks shouldn’t be utilized make it possible for such deceptive and lending that is predatory,” penned the Senators.
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Dear Secretary Mnuchin and Administrator Carranza:
We have been worried by reports that payday lenders are lobbying to achieve eligibility when it comes to Paycheck Protection Program (PPP). Payday loan providers are ineligible to receive small company management (SBA) loans, including PPP loans . Continue reading