ANNOUNCEMENT 12 Apr 2020In April 2020, the subchapter S corporation H.o. Penn Machinery Company Inc. received a Paycheck Protection Programme (PPP) loan worth USD 10 million.
NUMBER OF INTERVENTIONS
U.S. Small Business Administration. Office of Capital Access. PPP FOIA. Data and Resources.
U.S. Small Business Administration. Programmes. First Draw PPP Loan.
The PPP is a programme introduced by the US federal government in response to the Covid-19 pandemic to provide liquidity of up to USD 10 million for affected businesses and help them keep their workforce. In this regard, the federal government provides unsecured loans of up to USD 10 million with terms ranging between 24 and 60 months. The scheme was open until 31 May 2021 and distributed 11.8 million loans worth USD 800 billion.
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the loan granted here is discriminatory.
The loan was forgiven on 17 June 2020. Hence, this intervention is no longer classified as implemented.
Since the original PPP loan was forgiven, it is recorded in the Global Trade Alert database as a financial grant.