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 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.
вЂњHowever, use of relief that is federal shouldn’t be issued to people with regularly profited by driving low-income people and families deeper into debt. It might be abhorrent to deliver a lifeline to economic actors whom benefit from hardworking individuals and families. Taxpayer bucks shouldn’t be utilized make it possible for such misleading and predatory financing methods,вЂќ published the Senators.
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Dear Secretary Mnuchin and Administrator Carranza:
We have been concerned by reports that payday loan providers are lobbying to get eligibility for the Paycheck Protection Program (PPP). Payday loan providers are ineligible to get small company management (SBA) loans, including PPP loans . Read More