OPINION
The Daily Reporter
By Curt MacRae
As Congress wrestles over whether sending you $1,400 will add too much to our national debt, maybe they should take another look at the Paycheck Protection Program (PPP), which was rolled out as part of the CARES Act in early-2020.
PPP was created to help struggling small businesses impacted by coronavirus slowdowns and shutdowns. To qualify for the taxpayer-funded relief, businesses were required to self-certify, in good-faith, that current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
Applicants also checked a box on their PPP applications, ensuring that the loan will be used to retain workers, maintain payroll, and meet other operating expenses. After documenting that compliance has been met, the loan will be forgiven.
Jamestown/Stutsman Development Corp applies for PPP loan
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Whitmer proposes $370M for child care
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Public Banking Legislation Heating Up
Just over two months into the new year, 2021 has already seen a flurry of public banking activity.
Sixteen new bills to form publicly-owned banks or facilitate their formation were introduced in eight U.S. states in January and February.
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Two bills for a state-owned bank were introduced in New Mexico, two in Massachusetts, two in New York, one each in Oregon and Hawaii, and Washington State’s Public Bank Bill was re-introduced as a “Substitution. Bills for city-owned banks were introduced in Philadelphia and San Francisco, and bills facilitating the formation of public banks or for a feasibility study were introduced in New York, Oregon (three bills), and Hawaii.