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 company management (SBA) and Treasury Department to reject needs from payday loan providers to get 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 federal relief programs really should not be provided to people with consistently profited by driving low-income people and families deeper into debt. It could be abhorrent to give a lifeline to actors that are financial benefit from hardworking people and families. Taxpayer bucks really should not be utilized make it possible for such deceptive and predatory financing methods,вЂќ penned the Senators. Continue reading “Let me make it clear about Senator Dick Durbin”