Business owners and experts say a lack of guidance on the matter has led to uncertainty among applicants and lenders.
The Paycheck Protection Program authorizes forgivable loans to small businesses across the United States.With just a hair over a hundred employees, Cinedigm, an entertainment company based in Los Angeles, has a relatively modest headcount. But it's not your typical small business.
Business owners and experts say a lack of guidance on the matter has led to uncertainty among applicants and lenders -- shutting out some small businesses owned by immigrants that may qualify, while allowing other foreign-owned companies to cash in.The trouble started before the PPP even began, says Matthew Moriarty, a partner with Koprince Law focused on government contract litigation.
To Moriarty and others in his field, this seemed like something of a green light for foreign-owned businesses.A girl rides a scooter passed the closed stores on the boardwalk in Venice, Calif., April 26, 2020."Generally speaking, the rule in America is: If the law doesn't say that you can't, then you can. I don't see anywhere where it says, 'You have a foreign owner, you're out,'" he said.
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