A Small Business Administration program meant to help struggling entrepreneurs amid the coronavirus pandemic may have sent billions of dollars to scammers or ineligible applicants, the agency’s inspector general said.
The additional payments are being halted this month, according to Bill Halldin, a spokesman for the company. They were introduced for eligible staff in March as the coronavirus spread throughout the U.S.
Both payment companies reported lower than expected earnings and revenue due to reduced consumer spending; the plan is part of a $530 million initiative to combat systemic racism.
The Hawaii bank has paid employees who carpool, bike or walk to work. About a third of the workforce bought into the program before the pandemic, and it's expected to continue once life returns to normal.
Many in the industry were adding counseling services to benefits packages even before the coronavirus outbreak spurred demand for assistance with mental well-being.
