According to Texas Rep. Roger Williams, the Small Business Administration (SBA) has decided to stop collecting Paycheck Protection Plan loans with a balance less than $100,000.
The PPP was past of the CARES Act, passed in March 2020 in response to the Covid pandemic. By April 2020, the SBA was distributing PPP monies. The program ended May 31, 2021.
In a statement this week, Williams, who chairs the House Committee on Small Business, weighed in on the SBA’s decision.
Williams noted that the PPP program provided about $800 billion in PPP loans to 12 million businesses. But, he said in a statement, “criminal opportunists” used the money illegally and “defrauded this pandemic assistance program.”