'My sons, daughters and grandchildren will be paying off this American debt in their lifetime'

21 Apr 2020 | 05:46

    Congress passed a $350 billion Paycheck Protection Program. This program was designed to keep small American businesses afloat crippled by Covid-19 Pandemic.

    It proved so popular that the low-interest, forgivable loan funds granted ran dry within 14 days.

    My sons, daughters and grandchildren will be paying off this American debt in their lifetime.

    I don’t know about you, but I would sure like to see a list of “Who got what?"

    The Small Business Loan Administration offered two-year loans up to $10 million carrying a 1 percent interest rate for businesses with fewer than 500 employees. The principal would be forgivable if the funds are mostly used for payroll, mortgage interest, rent and utilities.

    The present status of our economy and the startling crisis of our nation should not allow any favoring of special interest groups being loop holed over the welfare of our small mom and pop operations struggling to survive.

    From what I have read so far, it’s not adding up:

    Ruth’s Crist Steakhouse, 5,000 employees, $20 million loan

    Potbelly Chain, 7,000 employees, $10 million loan

    Shake Shack, 7,000 employees, $10 million loan (Shack owner, Daniel Meyer must have experienced an epiphany and has made the decision to return the money.)

    Newspaper reports and daily television programs feature all the wonderful people who have the least – giving the most. These caring souls are out there together providing services and supplying nourishment to the front line heroes in this battle.

    It is our duty to support these small businesses to hold their head above water. We must challenge poor decision-making.

    Survival is our mode. There is no room for politics in today’s war. Mandatory disclosure of loan recipients might very well result in welcomed reversals.

    Demand transparency.

    Elaine Young Duffy

    West Milford