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, usage of federal relief programs really should not be awarded to people with regularly profited by driving low-income people and families deeper into debt. It might be abhorrent to produce a lifeline to economic actors whom benefit from hardworking individuals and families. Taxpayer bucks really should not be used to allow such misleading and predatory financing methods https://www.onlinepaydayloansohio.org/,вЂќ penned the Senators.
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Dear Secretary Mnuchin and Administrator Carranza:
Our company is worried by reports that payday loan providers are lobbying to get eligibility when it comes to Paycheck Protection Program (PPP). Lire la suite