Bankrupt NY Dioceses of Rochester, Buffalo Sue SBA for Payroll Loan Access, by Matt Hadro

By Matt Hadro, CNA, April 22, 2020

Washington, D.C. Newsroom, Apr 22, 2020 / 04:30 pm MT (CNA) – Two Catholic dioceses have filed suit against the Small Business Administration (SBA), claiming they were wrongfully denied access to emergency loans during the pandemic because of their bankruptcy status.

The New York dioceses of Rochester and Buffalo said they “will suffer immediate and irreparable harm” from being disqualified from emergency loans under the Paycheck Protection Program (PPP), in a lawsuit filed in federal court on April 15.

The $349 billion in emergency loans were part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law by President Trump on March 27.

The bill provided, among other things, short-term relief for small businesses and certain non-profits affected by the disruptions from the coronavirus (COVID-19) pandemic. The $349 billion in relief under the CARES Act included loans that become grants if recipient employers retain their current workforce and 75% or more of the loan is used for payroll.  ….

Read more here:   catholicnewsagency.com/news/bankrupt-dioceses-sue-sba-for-payroll-loan-access-24815