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The CARES Act required the Small Business Administration to tell banks to prioritize underserved communities for coronavirus relief loans. That didn't happen, a new inspector general's report found.
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Not-so-small companies like Shake Shack and organizations like the LA Lakers were able to get loans that were meant for suffering small businesses. What happened?
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The $3.7 billion NBA franchise and a handful of businesses are returning money they received from a federal program that was intended to help small companies hurt by the coronavirus pandemic.
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Bankers tell NPR that the SBA's portal wouldn't allow them to enter the loan application information that is needed to access the PPP program.
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Edward Barry and his team worked hard to give their customers a head start. The Small Business Administration is resuming its emergency loan program for small businesses with an extra $320 billion.
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Banks handling the federal government's loan program for small businesses made more than $10 billion in fees, while thousands of small businesses were shut out of the program.
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"Personal identifiable information" was potentially exposed to other businesses via an online lending application portal, a spokesperson for the Small Business Administration told NPR.
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The government's $349 billion Paycheck Protection Program had to be thrown together quickly, and the criteria for which companies can receive benefits were kept loose.
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The burger chain and other large businesses were able to get the money because the program covers any company with fewer than 500 workers in a single location.
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The Paycheck Protection Program, which opened on April 3, has been plagued with delays and technical difficulties. Republicans and Democrats agree on adding more funding, but they disagree on how.